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How India is outpacing the world in digital payments

Jun 03, 2022

NEW DELHI: The value of digital payments in India will grow three-fold to touch $1 trillion by financial year 2026 compared to $300 billion in financial year 2021 thanks to the government's initiative to increase financial access by combining no-frill bank accounts, the Aadhaar card and mobile connection, according to a report by CLSA. 

"UPI comprises 60% of total payments by volume and digital payments have risen from $61bn in FY16 to $300bn as of FY21. Given increasing online purchases and digital adoption, we expect this to grow to US$0.9-1tn by FY26, or 30% of Indian consumption," said the report. 

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