Person-to-merchant (P2M) transactions are expected to constitute 75 percent of all the unified payments interface (UPI) by 2025, the Reserve Bank of India (RBI)'s bulletin for October 2023 said.
"Buoyed by low transaction fees and expanding acceptance, P2M transactions in India are projected to constitute 75 per cent of all UPI transactions by 2025, up from 58.5 per cent in September 2023," the RBI said in the bulletin.
The views expressed in the bulletin do not reflect the central bank's stance.
Recent digital innovations, the bulletin said, including conversational payments, the UPI Tap and Pay facility, and credit lines on the UPI are expected to further boost adoption of digital payments.
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