Press Release

Indian households to make over 50% non-cash transactions by FY26: Redseer

Redseer Strategy Consultants today released a report titled ‘Future of Online Payments’ in collaboration with Plural by Pine Labs.

The report highlights growth projections for the forecast period FY23-26 and shares insights on segments like UPI, Bharat Bill Payment System (BBPS), Embedded Finance, and e-commerce. As per the report, UPI is projected to clock 30-35 per cent growth in transaction value by FY26, with online food delivery and e-commerce already witnessing over 60 per cent use of UPI as a preferred payment mode.

Commenting on the report, B Amrish Rau, CEO, Pine Labs said, “From the foundational work on the JAM trinity to the development of India Stack, India has quietly orchestrated a revolution in online payments. These insights coming from the Redseer analysis especially on the BBPS and UPI adoption are a tell-tale sign of things to come. The future is increased tech-enabled digitisation at the online and offline point of sale and at Pine Labs we are happy to be playing a part in it.”

“Our research suggests that online shoppers in India are expected to grow by 50% in the coming three years to reach >30 Cr by FY26, further paving the way for the reach of online payments in the country,” said Jasbir Juneja, Partner at Redseer.

The RBI conceptualised payment system, BBPS driven by National Payments Corporation of India (NPCI) also finds a mention in the Redseer report. As per the Redseer findings, BBPS is poised to witness a 30% increase in transaction volumes and increase from 110 crore transactions in FY23 to 240 crores by FY26.

To read the full report, please visit:

About Redseer

Redseer Strategy Consultants is India’s largest and renowned strategy consultancy firm with a global footprint. Founded in 2009, Redseer collaborates with leaders and organizations to build thriving digital businesses. Using proprietary methodologies, deep consumer understanding, high-quality research, and an entrepreneurial mindset, Redseer offers unparalleled solutions in private equity, growth advisory and consumer research. Headquartered in Bangalore, Redseer has a strong team of 200+ consultants in India and around the world.

About Pine Labs


Pine Labs is a leading merchant commerce omnichannel platform operating across India and Southeast Asia. Pine Labs’ tech-first approach to digital payments and focus on simplification at the front end aims to help many businesses embrace fintech products at scale.

In digital payments, our online payments cloud-based software Plural represents a one-stop payments destination across channels. Plural is designed to deliver secure and frictionless online payment experiences to the end user, powered by an advanced tech stack that can augment an existing online business or build an all-new e-commerce payment setup from the ground up.

Our Issuing business is powered by Qwikcilver – a proprietary and industry leading prepaid, stored value and gift card issuance, processing and distribution solution. Qwikcilver is the platform of choice for leading enterprises including merchants, brands, e-commerce companies across categories in India, Middle East and Australia powering embedded issuing solutions that bolster sales, acquire and retain customers, drive operational efficiencies and improve cash flows.

In consumer app, Fave is a fintech platform for the next generation of consumers, providing smart payments and savings, while empowering merchants with a loyalty solution to grow and engage with their customers in a whole new way.

Incorporated in Singapore, the key investors of Pine Labs include Sequoia India, Actis Capital, Temasek, PayPal and Mastercard. To know more, please visit

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