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Indian Digital Payments Market To Reach $10 Trillion By 2026

Context: Recently, PhonePe, in collaboration with Boston Consulting Group (BCG), released a report titled, ‘Digital Payments in India: A $10 trillion Opportunity’. 

Key Points of the Report: 

  • This report is part of the PhonePe Pulse initiative. 
  • India’s digital payments market is expected to increase more than threefold from the current 3 trillion dollars to $10 trillion by 2026.
  • UPI saw nine times transaction volume increase in the last three years. UPI accounted for more than 60% of non-cash transaction volumes in FY22. 
  • According to the report, Indian and global fintech players have been drivers of the adoption of UPI in India among end-users. The digital payments ecosystem has been disrupted by the entry of multiple new players, with offerings driving digital payments adoption at scale. 

Measures To Push The Growth Of Digital Payments In India: The reasons for the growth of digital payments in India include:  

  • Simplified customer onboarding
  • Merchants getting access to credit
  • a continued push for consumer awareness
  • Infrastructure upgrades 
  • expanding merchant acceptance, 

Internet of things (IoT), Central bank digital currency (CBDC) and 5G will provide further impetus to the growth of digital payments in India.

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