Digital Payment market
India also has one of the fastest-growing fintech landscapes in the world, driven primarily by the advancement in the digital payments segment. It is due to the increasing adoption of digital payment systems by consumers and businesses, as well as government initiatives to promote digital payments.
According to various reports and studies, it is expected that India's digital payment market will continue to grow at a significant pace and could potentially breach $10 trillion by 2026. The introduction of innovative reforms and technological advancements are further accelerating growth at an unprecedented pace.
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 the 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 Unified Payments Interface has been the flag-bearer of India's fintech revolution which was launched in 2016 by the National Payments Corporation of India (NPCI). Several factors are driving the growth of India's digital payment market, including:
# Government initiatives: The Indian government has been promoting digital payments as part of its efforts to create a cashless economy. It has launched several initiatives such as the Digital India program, BHIM app, and Unified Payments Interface (UPI) to boost digital payments adoption in the country.
# Increasing smartphone penetration: The widespread adoption of smartphones has made it easier for people to access digital payment services. India has a large and growing population of smartphone users, and this is expected to drive the growth of digital payments in the country.
# Growing e-commerce market: The e-commerce market in India has been growing rapidly in recent years, and this is expected to drive the growth of digital payments. Consumers are increasingly using digital payment systems to make purchases online, and this trend is likely to continue in the future.
With this India is expected to become global leader in the fintech space, India does not seem to be slowing down its pace in terms of disrupting traditional financial services.
S Mohini Ratna, Editor, VARINDIA
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