India Unified Payment Interface (UPI) Market to Grow at a CAGR of 14.80% During the Forecast To 2023-2033

2023-05-21 13:06:49 UTC | Business, Economy, Finances, Banking & Insurance
India Unified Payment Interface (UPI) Market to Grow at a CAGR of 14.80% During the Forecast To 2023-2033
According to a market report, published by Sheer Analytics and Insights, The India Unified Payment Interface (UPI) Market was valued at $60.3 billion in 2022 and it is expected to reach $440.3 billion at a CAGR of 14.80% between 2023 and 2033.  A unified payment interface is used if anyone wants to transfer their money immediately through mobile phones. Users can do this anytime, anywhere. Consumers can use it through a single mobile application for accessing different bank accounts. It has several other benefits such as merchant payment with a single application, utility bill payments, donations, collections, and disbursal scalable, among others. There are some popular UPI applications such as PhonePe, Paytm, GooglePay, BHIM, MobiKwik, Uber, SBI Pay, and BOB UPI. There are five major factors influencing customers’ usage of UPI. These factors are such as it is perceived usage risk, it is compatible with mobile applications and OS; it has comparative advantage over other apps and more. Furthermore, major factors such as transaction risk, and demographic profile of customers, and more. This is significantly affected the usage of a pattern of UPI. These rising factors are expected to drive the growth of the Indian unified payment interface market during the forecast period.

Browse The Full Report at

UPI is the most preferred payment mode among a large number of Indian consumers in the person-to-person and person-to-merchant markets. UPI processed a large number of transactions every day through various mobile applications. However, at present time, Indian customers are prone to use smartphones; hence, the increasing usage of mobile phones and mobile applications is the major reason that has been driving the growth of the Unified Payment Interface market across India. UPI is the fastest payment system that facilitates customers to make round-the-clock payments instantly by using a Virtual Payment Address (VPA) created by customers. Therefore, UPI has become very popular because of its convenience. This is the primary reason for UPI’s success. Additionally, with UPI customers do not have to remember their long bank account number or the Indian Financial System Code (IFSC), or any other details related to their bank accounts. These facilities have benefitted all the customers across the country. 

Fastest-internet connections and increasing mobile sales have also propelled the growth of the Unified Payment Interface market in India. PhonePe has been emerging as the leader with the highest number of UPI transactions. Google Pay came in the second position. Additionally, CRED, BHIM, Amazon Pay, and Airtel Payments Bank are among the other emerging Financial Technology players in the Unified Payment Interface market in India. However, the UPI transactions have grown extraordinarily over the past few years, and it is estimated to witness significant growth during the upcoming years. Currently, UPI has some new features and services, which would provide more use cases and attract new payers to the Indian UPI market.               

According to the study, key players such as One97 Communications (India), Amazon (U.S), Ant Group (China), Apple (U.S), Alphabet Inc (U.S), BharatPe (India), BillDesk (India), CCAvenue (India), CRED (India), Cashfree Payments (India), EBS Payment Gateway (India), Instamojo (India), MasterCard (U.S), Meta (U.S), Naspers (South Africa), MobiKwik (India), NPCI (India), PaySafe (U.K), PB Fintech (India), PayPal (U.S), RazorPay (India), Stripe (U.S), VISA (U.S), Walmart (U.S), ZETA (India), among others are leading the Indian Unified Payment Interface market.

India Unified Payment Interface Market Has Been Segmented Into:

India Unified Payment Interface Market – by Payment Type:    

  • Digital Wallets
  • Net Banking
  • Mobile Application
  • Others

India Unified Payment Interface Market – by Enterprise Type: 

  • Small and Medium Enterprises
  • Large Enterprises

India Unified Payment Interface Market – by End-User Type:

  • BFSI
  • Healthcare
  • Media and Entertainment
  • Retail and E-Commerce
  • Transportation
  • Others

India Unified Payment Interface Market – by Regions:


  • Maharashtra
  • Kerala
  • West Bengal
  • Andhra Pradesh
  • Delhi
  • Others

About Us:


Sheer Analytics and Insights is a leading consulting firm that offers a range of services including business and data analytics, B2B and B2C consulting, IT FTE consultants, Translation Services and AI-based integration. The company has built a reputation for providing exceptional services to its clients across industries, and this article explores its mission, vision, and capabilities in detail.


Sheer Analytics and Insights' mission is to provide clients with reliable, accurate, and actionable insights through its services. The company is committed to delivering customized solutions that meet each client's specific needs and challenges. By leveraging the latest technologies and methodologies, Sheer Analytics and Insights aims to provide its clients with the information they need to make informed business decisions.


Sheer Analytics and Insights' vision is to be the global leader in business and data analytics, consulting, and IT services. The company aims to achieve this by delivering exceptional services to its clients, developing innovative solutions that solve complex problems, and fostering a culture of continuous improvement. Sheer Analytics and Insights' goal is to help clients achieve their business objectives through strategic insights and customized solutions.


Sheer Analytics and Insights

Call: +91-9836913164

Call: +1-917-730-4660