Bengaluru: India’s digital payment market is expected to more than triple to $10 trillion by 2026, according to the latest study by digital payments firm PhonePe and Boston Consulting Group (BCG).
At present, the study said, 40% of all transactions in India are digital, and payments worth $3 trillion were processed by digital instruments in 2021. This does not include payments made for financial services, corporate business payments, and government payments.
India's Unified Payments Interface (UPI) continues to grow, clocking 5.95 billion transactions worth Rs 10.41 lakh crore last month.
According to the PhonePe-BCG study, UPI has supercharged India’s transition to non-cash payments, especially in person-to-person (P2P) fund transfers and low-value merchant (P2M) payments.