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.