India To Account For 2.2% Of The Global Digital Payment Market by 2023 [REPORT]

Must Read

Happy B’Day Gordon Moore: One Of The Founding Fathers Of Silicon Valley

Gordon Earle Moore co-founded the paramount Intel Corporation (NASDAQ: INTC) with Robert Noyce in July 1968, which is worth $204.16...

WhatsApp Might Lose 60 Million Indian Users Post Updated Policy Changes, New Survey Reveals!

The Facebook-owned instant messaging platform’s decision to update their privacy and terms of service brought about a...

Uber and Ola In Hot Water: India Authorities Launch Fresh Probe!

The Directorate General of Goods and Services Tax Intelligence (DGGI) sent a summons to Uber and Ola...

The global digital payment market is estimated to grow at 23.8% CAGR in the next five years to become a $12.4 trillion market by 2025. India, one of the fastest-growing internet and smartphone markets in the world, will play a vital role in the phenomenal growth and would account for a sizeable 2.2% of the market by 2023.

According to the latest report, titled Empowering payments: Digital India on the path of revolution, which is launched at Global Fintech Fest 2020, both developed and developing markets are going through a digital payment revolution currently. Consumers are adopting one or multiple digital payment systems at a much faster rate than ever before.

The report highlights that digital payment revolution worldwide is primarily led by the exploded adoption of digital and mobile wallets, which accounted for 49% of the total spending globally.

Advertisements

In India, however, the scenario is a bit different as after the initial traction created by mobile wallets, the market quickly moved from wallet to UPI payment which has emerged as the largest real-time payment system in the world today. With over 1 billion transactions per month currently, UPI payments is expected to clock the highest growth rate in the next few years, reaching 59 billion transactions by 2023.

global digital payment 2019 - 2025

Between FY’2017 and FY’2020, the UPI payments grew at CAGR of 785% and 570% in terms of volume and value, respectively. The exponential growth rate of UPI payments indicates the changing market conditions in India – the country which has historically been a cash-based economy.

The exploded adoption of digital payment systems has helped the fintech market in India to attract the eyeballs of global investors and entrepreneurs.

Dazeinfo earlier reported about the overall growth of digital transactions in India, which is clocking nearly 100 million transactions per day. The unprecedented growth rate of digital payments – driven by the increasing penetration of smartphones and 4G adoption – will lead to 1.5 billion daily digital transactions in India 2023.

The latest GFF report identifies India as a leader across parameters – regulation of costs of payment systems, laws in place, availability of alternate payment systems, share of e-money in payment systems, oversight by the Central Government, fast payment systems available in the country, volume and growth of e-money, etc.

Advertisements

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Latest News

The Slip-Ups Keep On Coming: WhatsApp Web Users’ Mobile Data Leaked On Google

As the developments have unfolded over the past week, the clock for WhatsApp seems to be ticking...

Trump Administration Has Landed Its Final Blow On Chinese Companies: Xiaomi Blacklisted!

In its recent move to safeguard national security, the United States’ Trump Administration has decided to go after China’s second-biggest smartphone marker...

Huawei Is Gunning For Acquiring A Fifth Of Android’s Userbase With Its Own HarmonyOS!

After Google’s ban on Huawei in 2019, the Chinese-origin tech company is all set to roll out HarmonyOS later in 2021 as...

Battle Lines Are Drawn: Qualcomm’s Latest Acquisition to Challenge Apple, Intel

The quest to gain supremacy creates a butterfly effect for sure. With the challengers and the champion pulling out all stops to...

After Ola and Uber, Now Swiggy And Flipkart Under Probe For Tax Evasion: What’s Brewing?

A few days ago, reports emerged about Ola and Uber coming under the scanner of Directorate General of Goods and Services Tax...

India’s Biggest IT Firms Reported Sharp Jump in Employee Hiring In FY Q3 2021

India's IT sector has been on a steady rise after the turbulence the first half of 2020 caused. On Wednesday, major IT...

In-Depth: Dprime

Will ‘TikTok By Microsoft’ Be A Winner?

For the last two years, TikTok has been in the public eye for all sorts of reasons. First, it was the exploded...

Facebook Subscription Model: Looking Beyond Ad Dollars?

Seldom do job listings create a stir this gripping. However, when the job listing in question is a stealth post from Twitter,...

Will The Online Food Delivery Market in India End Up Becoming A Two-Horse Race?

It's pretty much evident that the food delivery space in India is all set to get riled up soon enough as one...

More Articles Like This