Digital Payments In India To Reach $10 Trillion in 3 Years; Know What Is Driving This Growth

Amid the rising digitalisation, India’s digital payments market is expected to more than triple from $3 trillion to $10 trillion by 2026, according to a report by PhonePe and Boston Consulting Group. It indicates that India also has one of the fastest-growing fintech landscapes in the world, driven primarily by the advancement in digital payments segment.

Reasons for Faster Digital Payments Growth

Subhrangshu Kumar Neogi, co-founder and executive director of Escrowpay, said, “India’s digital payments landscape has experienced explosive growth in recent years, driven by a convergence of factors including a quickly growing middle class, government initiatives encouraging digital payments, and the widespread use of smartphones. The market is anticipated to continue growing and is expected to triple in size to reach $10 trillion by 2026."

Growing Accessibility and Availability of Digital Payment Methods: He added that the growing accessibility and availability of digital payment methods in India are one of the major factors behind this expansion. Consumers have a wide choice of alternatives when making digital transactions, from mobile wallets to UPI-based payment systems. This is further helped by the government’s efforts to promote a cashless society, with programmes like demonetisation and the installation of the GST encouraging online transactions.

 

Read more @ https://www.news18.com/business/digital-payments-in-india-to-reach-10-trillion-in-3-years-know-what-is-driving-this-growth-7305895.html

 

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