Digital Payments in India expected to increase triple by 2026.

• The Digital payment markets in India are expected to increase triple from the current three trillion dollars to ten trillion dollars in the coming four years, which is by 2026.
• This was confirmed by the report titled (‘Digital Payments in India: A $10 trillion opportunity’) issued by PhonePe after the collaboration with Boston Consulting Group (BCG).
• The report highlights the growth of India’s digital payments in the last five years.
• The growth in five years has resulted in aiming those digital payments will aim to constituting two out of three payment transactions by 2026.

Key points of the report:

• The report highlights the in-depth scenario of the growth of digital payments in India and focuses on factors and enablers to understand and unleash the potential of digital payments and its massive growth in the Country.
• UPI saw about a nine times transaction volume increase in the past three years, increasing from five billion transactions in FY19 to about 46 billion transactions in FY22: accounting for more than 60% of non-cash transaction volumes in FY22. This indicates that digital payment has gained acceptance across the country.
• The report says that multiple platforms offer digital payments now, which has disrupted the digital payments ecosystem.