Digital Payments in India - A $10 Trillion Opportunity
India This Decade
| Amaya | Rating 0 (0) (0) |
| Launched: Sep 17, 2023 | |
| indiathisdecade@gmail.com | Season: 1 Episode: 4 |
India's digital payments industry has been growing rapidly, with the market expected to reach $10 trillion by 2026. This growth can be attributed to the Government of India and the Reserve Bank of India's efforts to promote digital payments, the advent of FinTech, and Payment Service Providers or PSPs building infrastructure for seamless transactions. One of the most significant developments in this space is the Unified Payments Interface or UPI, which is estimated to account for about 90% of total transactional volume in retail digital payments over the next five years. UPI has been instrumental in driving financial inclusion and transforming India's payment landscape. Another essential component of India's digital payment ecosystem is India Stack, a unified software platform aimed at bringing India's population into the digital age. India Stack is the largest open API in the world and has enabled financial inclusion for 80% of the population in just six years. As we move forward, let's take a closer look at the key players in the Indian digital payment space and how they are shaping the industry.
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India's digital payments industry has been growing rapidly, with the market expected to reach $10 trillion by 2026. This growth can be attributed to the Government of India and the Reserve Bank of India's efforts to promote digital payments, the advent of FinTech, and Payment Service Providers or PSPs building infrastructure for seamless transactions. One of the most significant developments in this space is the Unified Payments Interface or UPI, which is estimated to account for about 90% of total transactional volume in retail digital payments over the next five years. UPI has been instrumental in driving financial inclusion and transforming India's payment landscape. Another essential component of India's digital payment ecosystem is India Stack, a unified software platform aimed at bringing India's population into the digital age. India Stack is the largest open API in the world and has enabled financial inclusion for 80% of the population in just six years. As we move forward, let's take a closer look at the key players in the Indian digital payment space and how they are shaping the industry.
India's digital payments industry has been growing rapidly, with the market expected to reach $10 trillion by 2026. This growth can be attributed to the Government of India and the Reserve Bank of India's efforts to promote digital payments, the advent of FinTech, and Payment Service Providers or PSPs building infrastructure for seamless transactions. One of the most significant developments in this space is the Unified Payments Interface or UPI, which is estimated to account for about 90% of total transactional volume in retail digital payments over the next five years. UPI has been instrumental in driving financial inclusion and transforming India's payment landscape. Another essential component of India's digital payment ecosystem is India Stack, a unified software platform aimed at bringing India's population into the digital age. India Stack is the largest open API in the world and has enabled financial inclusion for 80% of the population in just six years. As we move forward, let's take a closer look at the key players in the Indian digital payment space and how they are shaping the industry.
The Indian digital payment space is dominated by several key players such as paytm, phone pe, google pay, amazon pay. Paytm has a market capitalization of $5.61 billion as of May 2023. Paytm is one of the leading players in the digital payment space. The company's current revenue is $1.05 billion. Next, we have PhonePe which is valued at $12 billion in April 2023. PhonePe is another major player in the Indian digital payment market. The company leads the mobile payments market on UPI, with a market share of 47% as of January 2023. Then, we have Google Pay. Although Google Pay's market share has fallen to about 34% in January 2023 from 36.3% in January 2021, it remains a significant player in the digital payment space. Google Pay had an annual run rate of $110 billion transaction value in 2019. Next in this list, we have Amazon Pay. As a subsidiary of Amazon, which has a market capitalization of $1.448 trillion as of September 2023. Amazon Pay is another key player in the Indian digital payment market. These companies have been making significant investments to tap into the booming digital payments market in India. They have not only expanded their businesses in digital payment services but also introduced innovative solutions to cater to the diverse needs of the Indian population.
