Digital payments in India projected to reach $10 trillion by 2026: PhonePe Pulse and BCG release report on digital payments

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PhonePe, India’s leading digital payments company, in collaboration with  Boston Consulting Group (BCG), today unveiled a report titled, “Digital payments in India: A $10 trillion opportunity”. The report leverages BCG’s industry expertise in payments and the fintech domain, along with PhonePe’s deep insights and expertise as the market leader in Indian digital payments and its extensive Pulse database to look at top digital payments trends in India. India’s digital payments landscape has witnessed a phenomenal growth over the past five years. As per the report, 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. As a result of this unprecedented growth, digital payments (non-cash) will constitute 2 out of 3 payment transactions by 2026. The report also talks about how the digital payments ecosystem has been positively disrupted by the entry of multiple new players with diverse offerings driving digital payments adoption at scale. 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 goes on to list the levers for further growth of digital payments in India which include – simplified customer onboarding, continued push for consumer awareness, expanding merchant acceptance, merchants getting greater access to credit, infrastructure upgrades and the setting up of a financial services marketplace driving growth in underpenetrated regions. It also talks about how IoT, 5G & CBDC will provide further impetus to growth. Commenting on the launch, Karthik Raghupathy, Head of Strategy, and Investor Relations, PhonePe, said, ‘’We are excited to partner with BCG to release Digital payments in India: A $10 trillion opportunity. The report is an in-depth commentary on the growth of digital payments in India and looks at factors and enablers that will help unlock the massive growth potential going forward. This report is part of the PhonePe Pulse initiative, which was launched last year, in our effort to give back to the Fintech ecosystem. PhonePe Pulse has been very well received by all the key stakeholders in the ecosystem and has emerged as India’s go to destination for insights and trends on digital payment in the country. 

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