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Digital India to have over 2% share of global e-payments in 3 years; UPI volume to grow nearly 300%

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  • Date Added: Jul 29, 2020
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FINANCIALEXPRESS JUL-2020 India’s growing digital payments market, which is marked by inflection points such as demonetization and UPI launch 2016 and now Covid pandemic, is likely to have a share of around 2.2 per cent in the world’s digital payments market by 2023, said consulting firm PwC and Payment Council of India in a report. The growth for India’s digital payments has come on the back of multiple retail payment products launched including Bharat QR, Aadhaar Enabled Payment System (AePS), National Electronic Toll Collection (NETC), Bharat Bill Payment System (BBPS), and Rupay Cards. The digital payments market globally, according to the report titled Empowering payments: Digital India on the path of revolution, is likely to hit $12.4-trillion mark in transaction value by 2025 up from $3.7 trillion in 2019.