Thursday, March 28, 2024
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India has crossed 10-trillion mark in digital economy

As per the report by BCG Consulting, India’s digital payments market is at an inflection point and is expected to increase more than threefold from the current US$3 trillion to US$10 trillion by 2026

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The 10-trillion mark in the digital payments industry is ambitious as India has already crossed the target in the digital payments industry, said Vivek Deep, Executive Director, Reserve Bank of India, reported ET.

As per the report by BCG Consulting, India’s digital payments market is at an inflection point and is expected to increase more than threefold from the current US$3 trillion to US$10 trillion by 2026.

Leading global and Indian fintech players have been key drivers of UPI adoption in India among end users, aided by buildout of a large QR-code based merchant acceptance network, and further supported by user-friendly interfaces, innovative offerings and an open API ecosystem

The report by BCG also additionally states that digital payments will constitute nearly 65% of all payments by 2026, up from 40% today and there would be a 7x growth in digital merchant payments – from US $ 0.3-0.4 trillion today to US $ 2.5-2.7 trillion by 2026.

As a result of this unprecedented growth, digital payments (non-cash) will constitute 2 out of 3 payment transactions by 2026, the report highlighted.

Deep said, “For the $ 10 trillion target that the report says, it may only include the retail transactions, it doesn’t contain the large business transactions at all, as in that way even today if we include all those, which are after all part of digital transactions, in that case we have already crossed $ 22 trillion, so the target is already achieved.”

Leading global and Indian fintech players have been key drivers of UPI adoption in India among end users, aided by buildout of a large QR-code based merchant acceptance network, and further supported by user-friendly interfaces, innovative offerings and an open API ecosystem.

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Toshi Jyotsna
Toshi Jyotsna
(Toshi Jyotsna is an IT professional who keeps a keen interest in writing on contemporary issues both in Hindi and English. She is a columnist, and an award-winning story writer.)

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