Digital payments in India projected to reach $10 trillion by 2026: PhonePe Pulse and BCG release report on digital payments
Highlights of the report: ● Value of digital payments in India to increase three-fold from US$3 trillion today to US$10 trillion by 2026 ● Digital payments will constitute nearly 65% of all payments by 2026, up from 40% today ● UPI adoption will surge from 35% in FY 21 to 75% in the next five years ● 7x growth in digital merchant payments - from US$ 0.3-0.4 trillion today to US$ 2.5-2.7 trillion by 2026 India , 2022: 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 grow