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Digital Payments In India to reach $1 Trillion by 2023
India’s digital payments industry, currently worth around $200 Bn, is expected to exceed $1 Tn by 2023, according to a 2018 report by Credit Suisse. The report attributed the expected growth to the increasing popularity of UPI-based mobile apps including Google Pay, Phonepe, and the Paytm mobile wallet. The soon-to-launch Whatsapp payments feature, already piloted with 1M users, is expected to significantly ramp up UPI  transactions.

UPI mobile real-time payments overtake mobile wallets
In March 2019, UPI mobile-based real-time payments overtook mobile wallets in terms of volume of transactions and value. According to data reported by NPCI, UPI transactions increased from 2M in December 2016 to over 733M in May 2019, while the total monthly transaction amount increased from INR 700 crore (USD101M) to INR 1,52,449.29 Cr (USD21.91 Bn) in the same period.
The Unified Payments Interface (UPI), one of the first national instant payments services for P2P and P2M transactions provides interoperability across all payments infrastructure in India. By linking bank accounts, Aadhaar numbers, and mobile phone numbers, UPI authenticates senders and receivers to make credit transfers between accounts at any bank or any PSP based on virtual payment addresses.
Join us at Digital Payments South Asia 2019 to understand how India is setting trends and why mobile real-time payments could transform consumer payments!
Digital Payments South Asia includes a focused technology exposition offering a limited number of opportunities for organisations providing payment services and solutions. Exhibitors will be able to demonstrate their payments services and acceptance solutions to financial institutions, payment schemes, e-payments companies and merchants from India, South Asia and Asia Pacific markets.

 Contact us for packages available: 
Abhijit Sengupta, Director, APSCA India at 
📧 abhijit@apsca.org or 📞 +91 98310 01116 / +91 98731 30155.
Mounisse Chadli, Business Development Manager, APSCA Asia Pacific at 
📧mounisse.chadli@apsca.org or 📞 +86 15618790417.

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