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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 issued by PhonePe after the collaboration with Boston Consulting Group (BCG), the report was titled ‘Digital Payments in India: A $10 trillion opportunity. 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.
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Key points of the report:
The report says that multiple platforms offer digital payments now, which has disrupted the digital payments ecosystem. It also listed the reasons for the growth of digital payments in India shortly. It includes simplified customer onboarding, increases in consumer awareness, increases in merchant acceptance, infrastructure upgradation, merchants getting access to credit, and growth of untouched regions by setting up financial services marketplaces.
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