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Digital payments in India projected to reach $10 trn by 2026

Published on June 03, 2022
Current Context: According to a recent report Digital payments in India will reach $10 trillion in value by 2026 compared to $3 trillion now.
Digital payments in India projected to reach $10 trn by 2026
  • Over the past few years, the digital payments ecosystem has gained from the entry of multiple new players with diverse offerings driving digital payments adoption at scale.
  • United Payment Interface saw about 9x transaction volume increase in the past 3 years, increasing from 5 billion transactions in FY19 to about 46 billion transactions in FY22.
  • According to a report, India is set to become a digital payment economy with 65% of transactions being done digitally by 2026.
  • Besides, it is noted that the frequency of digital payments will constitute two out of three payment transactions by 2026.
  • In addition to that Tier 1-2 cities have witnessed a high acceptance of digital payments, and Tier 3-6 cities show potential growth.
  • Apart from that govt of India has come up with many initiatives to promote digital payments like BHIM Referral and cashback schemes, Lucky Grahak and Digi-Dhan Vyapar Yojana, etc.

Question:

Q.1 According to a recent report, digital payments in India are expected to reach _______trillion?
a. $15 Trillion
b. $10 Trillion
c. $20 Trillion
d. $25 Trillion
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