India’s retail digital payments can double to $7 trillion by 2030: Amazon Pay and Kerney report

India’s everyday retail digital payments may double to $7 trillion by 2030, compared to the present levels, PTI wrote, citing a joint study by Kerney and Amazon Pay titled ‘How Urban India Pays’. The growth is credited primarily to the Unified Payments Interface (UPI), which has seen usage grow by 138% from the financial year 2017-18 to 2023-24.

How much has India’s retail digital payments grown so far?
India’s retail digital payments have grown from $300 billion in the financial year 2017-18 to $3.6 trillion in 2023-24, according to the report, which states that India’s e-commerce market was valued at $75-80 billion in 2022 and is expected to grow by 21% until 2030.