Digital payment industry in india Apr 7, 2024 · The report, titled "India Digital Payments Report H22023," reveals a significant shift towards mobile wallets and UPI (Unified Payments Interface) transactions. The National Payments Corporation of India introduced United Payments Interface (UPI) and Bharat Interface for Money, Jan 27, 2025 · UPI has transformed India's digital payment landscape, making up 83% of total payment volume by 2024, a sharp rise from 34% in 2019. On the question of various digital payment products which span from retail to wholesale payments, that Minister stated that for wholesale payments, there is Real Time Gross Settlement (RTGS) payment system, and, for retail payments, the payment products are Unified Payments Interface (UPI Global Digital Payment Market Report Segmentation. Awareness towards Digital Payments 2. The initiatives like ‘Digital India’ and ‘Start-up India’ aim to transform India into a cashless digital economy, thus, aiding the industry growth. Mar 2, 2023 · The RBI and the PSS Act control the regulatory environment for digital payments in India. Many believe that the zero MDR policy will actually harm the digital payments industry more than promoting adoption of digital transactions. Slowly the UPI also started as the key driver in the volume segment. 1. 89 trillion by 2026 in terms of transaction value, exhibiting a CAGR of 24. Your $2. Background on the Payments Industry in China, India, and Southeast Asia There were 224 million unbanked adults in China and 191 million in India in 2017, as indicated by the World Economic Forum. Indians widely use banking cards, debit/credit cards, or prepaid cards as an alternative to cash payments. Feb 15, 2023 · The Unified Payments Interface, the Bharat Bill Payments System, digital payments, peer-to-peer lending, and the use of computer algorithms to provide financial advice have all been supported by the RBI so far. And what is heart-warming to see is that UPI (only 7 years old) now accounts for over 75% of digital payments in India, truly bearing a testament to its phenomenal success. It has a very high rate of digital payment adoption as compared to other nations, and as a result, many other nations want to Indian payments industry in FY 2023–24 (half-yearly) India has become a leader in digital payments in recent years because of the creation of an environment that makes it easier to embrace and use digital payment modes. This was achieved on the back of a growth of 80% in FY22-23 over the previous payments (e. Aug 28, 2024 · Digital payments in India continue to surge, with a year-on-year (YoY) transactional volume growth of 42% in FY 2023–24, which is poised to grow by three times in FY 2028–29. The digital economy is expected to contribute to one-fifth of GDP by 2026. 18 billion mobile connections, 700 million Internet users, and about 600 million smartphones. The Indian government is currently heavily promoting digital payments. Jul 4, 2024 · Growth of Digital Payments in India. Over the past two decades, alone, digital payments in the country have leapt 160x Feb 8, 2023 · BHIM UPI has emerged as the preferred payment mode of the citizens and has recorded 803. Ramanujam, “Developing inclusive digital payment systems,” Center for Strategic and International Studies, September 21, 2021. 8 This growth – primarily in the credit card market – is driven by an increasing preference for electronic payments among consumers, aided by improvements in payment infrastructure, and financial authorities boosting cashless Apr 30, 2023 · India’s success story in digital payments is exemplary. UPI is projected to dominate payments, with NPCI aiming for 15-20 billion monthly transactions. 6 crore digital payment transactions with the value of ₹ 12. About the Report 2. As of October 2021, the country had around 1. 3. , UPI payments in India), increasing digital-transaction limits, and providing funding to small and medium-size enterprises (SMEs) to support digital commerce. The organisation of digital payments in India – lessons from the Unified Payments Interface (UPI) Giulio Cornelli, Jon Frost, Leonardo Gambacorta, Sonalika Sinha and Robert M Townsend. Development of digital payments in India The development of digital payments in India can be traced back to the early 2000s with the introduction of the National Electronic Funds Transfer (NEFT) system. According to the Global Payment Systems Survey (GPSS) conducted by the World Bank, the use of retail payments instruments differs among countries due to cultural, historical, economic and legal factors. Digital Payment Market Size - Industry Report on Share, Growth Trends & Forecasts Analysis (2025 - 2030) The Report Covers Electronic Payments Industry Analysis and is Segmented by Mode of Payment (Point of Sale and Online Sale), End-User Industry (Retail, Entertainment, Healthcare, Hospitality), and Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa). This growth is propelled by the increasing use of smartphones, high-speed internet, and government initiatives promoting digital payments. Aiming to empower businesses and consumers with fast and efficient payments, the implementation of multi-territory instant payment corridors will be one of 2025’s most significant payment trends. 2025. This report, published in collaboration with PhonePe, provides a detailed outlook on the factors accelerating the growth of digital payments in India, shifting consumer behavior towards contactless payments, perspective on game-changing initiatives, and the We have assessed the impact of the COVID-19 crisis on India’s digital payment industry and how the pandemic has changed the behaviour of customers using digital payment modes. Jun 2, 2022 · National—Boston Consulting Group (BCG), in collaboration with PhonePe, India’s leading digital payments company, today unveiled a report titled, “Digital payments in India: A US$10 trillion opportunity”. g. 7 India Digital Payment Market Revenues & Volume Share, By The demonetization policy in India had a significant impact on the country’s economy, but it also accelerated the growth of digital payments in India. Banking Cards. Awareness, Adoption and enefits of Digital Payments 9 2. The total number of digital payment transactions undertaken during the last five financial years and the current financial year are as under: India has a huge potential for digital payments. ), Amazon Payments, Inc. So, it is important to understand and analyse the progress of the digital payment ecosystem in the country. Sep 18, 2023 · One acquirer reports that 70 percent of the new merchant customers haven’t previously accepted digital payments—a clear indicator of expanding network effects. Moreover, the government has taken several initiatives to promote digitalisation in India, particularly after demonetisation in 2016, resulting in the growth of industry. With the rapid advancement of digital technologies and a significant shift in consumer behaviour, mobile payments have become a pivotal component of India’s financial landscape. This paper analyses India’s payments industry and reviews trends in cyber-attacks on its payment infrastructure. 3 trillion. Before UPI, India’s payment ecosystem was heavily reliant on cash, which accounted for more than 90 percent of transactions. Total transaction value is expected to show an annual growth rate (CAGR 2025-2029) of 15. Total digital payments have increased by 216% and 10% in terms of volume and value, respectively, for the month of March 2022 when compared to March 2019. 73 Billion transactions in December 2024. QR code payment: Payments made via QR code (matrix created in 1994 for the Japanese automotive industry) are prevalent in an emerging market like India primarily because they are easy to use. The framework challenges the dominance and monopoly of the National Payments Corporation of India (NPCI) and encourages growth and innovation in the payment Apr 1, 2023 · Our dataset avoids biases at both the beginning and end of the time period considered. Apr 19, 2022 · Originality/Value: This study examines the digital payment industry in India using the PESTEL methodology, which allows us to see the industry from all sides. Apr 24, 2024 · India's GDP is a little shy of $4T, there's no way digital payments market can be half of that i. Dec 1, 2024 · According to the ACI Worldwide Report 2024, India now accounts for around 49% of global real-time payment transactions as of 2023, underscoring India’s leadership in digital payment innovation. As per the data, India accounted for 46% of global real time payments in the year. This clearly indicates that the detrimental impact of COVID-19 on digital payments, although significant, is not lingering and digital payment ecosystem in India is expected to evolve rapidly to help shape the post-COVID-19 era growth. In December 2024, UPI recorded 16. 3. org Sep 5, 2024 · Digital payment infrastructure, both online and offline, is rapidly expanding across India, including in Tier 2, 3, and 4 cities. Jun 26, 2023 · The launch of the Unified Payment Interface (UPI), a real-time digital payment system, has revolutionised digital payments in India. The payments industry has undergone fundamental changes over the past ten years. In 1981, the Andhra Bank launched the first credit card in India. In terms of volume, the total number of digital transactions have increased from a mere 162 crores during Financial Year (FY) 2012-13 to over 16,443 crore transactions during FY 2023-24, which is more than 129 times increase. As per a report by the Reserve Bank of India (RBI), digital payments crossed 200 billion transactions per year in India and grew at a compound annual growth rate (CAGR) of 11% in the last 5 years. II. REVIEW OF LITERATURE Oct 24, 2024 · This paper presents a comprehensive analysis of the mobile payment ecosystem in India, focusing on its evolution, current challenges, and prospects. Many were forced to use mobile banking or digital payment during the demonetization era due to a lack of cash, which appeared to be a better option for them. 2. Brazil was second on the list followed by China, Thailand and South Korea. Digital Payments: India’s Fintech sector is a global leader, driven by digital payments and the UPI. Aug 28, 2024 · The report titled 'The Indian Payments Handbook -- 2024-29' also said India's digital payments landscape has witnessed remarkable growth over the past eight years and the industry is projected to Sep 3, 2024 · The world’s most populous country, India, is also among its most inventive in developing domestic digital-payment innovations. (Google Pay. On November 8th, 2016, […] in various digital payment platforms on NPCI in a relatively short period of time. Digital Payments Landscape in India 1. It maps the system’s vulnerabilities and channels to explain how attacks may arise. Transactions 2025 05 In the next five years, we see exponential growth in digital payments in India. 32 trillion by 2030. Mar 4, 2024 · India’s card payments market is set to grow at a compound annual growth rate (CAGR) of 18% between 2022 and 2026. 1 Consumer payment habits have also seen a significant transition, with demonetisation and the COVID-19 pandemic playing a key role in the Jun 13, 2024 · The digital payment industry in India has experienced a remarkable transformation, driven by the widespread adoption of smartphones, increasing internet penetration, and a concerted push by the Oct 26, 2024 · India’s digital finance initiatives align with the broader ‘Digital India’ vision, a government programme to create a digitally empowered society and knowledge economy. 2 Romina Bandura and Sundar R. 36% in value in the fiscal year 2024 (FY2023-24) as compared to FY2022-23, according to the Ministry of Finance data. 02 trillion in 2025 and grow at a CAGR of 26. 5 million digital transactions in 2022. Pulse is a novel interactive platform that is India’s go-to destination for accurate and comprehensive data on digital payment trends. 6 March 2023 Significant growth in the RBI-DPI Index since 2018 Layered security framework of UPI provides the require comfort to Aug 17, 2023 · UPI Takes the Lead in Global Digital Payments: India leads the world in digital payments with 89. 152 Tyagi, Jagadale and Anute / Journal of Management Research and Analysis 2022;9(3):150–156 commerce in India” they found that for becoming a successful company in a digital payment industry adoption of digital payments. 37tn in 2025. With digital payments gaining market share in India, in August 2020, the Reserve Bank of India (RBI) published a framework to authorize the pan-India Umbrella Entity for retail payments. 1 This growth has been supported and propelled by the continuous emergence of new technologies, payments products/methods, introduction of disruptive market players and regulatory Sep 6, 2024 · India’s digital payments industry is booming, with transaction volumes growing 42% YoY in FY24 and projected to triple by FY29, reaching 481 billion, while market value is expected to double to US$ 7. Total transaction value in the Payments market is projected to reach US$20. It has a very high rate of digital payment adoption as compared to other nations, and as a result, many other nations want to Total transaction value in the Payments market is projected to reach US$20. We have analysed the year gone by and the key learnings for the industry, along with the progress made by the Indian payments’ ecosystem in the last few years, key growth factors and emerging trends. Roots of fintech in India 1. Companies & Products reports Volume of digital payments in India FY 2024, by mode; Share of payment systems India FY 2024; The most important digital payments prevailing in the current scenario are RTGS, NEFT, UPI, AEPS, IMPS, digital wallets [14]. b. The burgeoning e-commerce industry has significantly propelled the growth of the payment industry. India’s digital payment trend has witnessed an exponential growth, crossing over US$69 billion UPI transactions in March 2021 alone. About the Survey 1. Flash forward to 2022-23 and the payments story has transformed. Indian payments industry in FY 2023–24 (half-yearly) India has become a leader in digital payments in recent years because of the creation of an environment that makes it easier to embrace and use digital payment modes. 4 India Digital Payment Market - Porter's Five Forces. 4% during the forecast period. As per the RBI database, India’s digital payment ecosystem includes various digital payment instruments such as Banking cards (Debit/Credit Cards), Unstructured Supplementary Service Data (USSD), AADHAR enables payment system (AePS), Internet Banking (NEFT, IMPS, and RTGS), M – Wallets, Prepaid Payment Instruments (PPIs), and Unified The 1H 2024 India Digital Payments Report showcases remarkable growth in digital payments, highlighting UPI's dominance and the expansion of POS terminals, fostering financial inclusion and economic growth across India. Merchants Usage of Digital Payments 2. Usage of digital payment modes will see a V-shaped recovery in the future, which is evident from the recent performance and growth in digital transactions. PhonePe, Alphabet Inc. Nov 21, 2024 · India’s digital payments have grown exponentially over the last decade and are expected to grow further in 2024. Like the previous edition, this semester's report focuses on India’s dynamic digital payments industry. It supports the entire chain of stakeholders in the digital payments ecosystem. With encouragement from the government, central bank, consumers and merchants, India is pioneering new frontiers, becoming a fruitful testbed for the creation of an arsenal of digital-payment alternatives to cash. Additionally, the RBI has authorized 11 fintech companies to launch payment banks that provide savings, deposit, and remittance services. UPI changed the game by offering an easy-to-use, free, and fast way for users to make digital payments. This report highlights the global payment market landscape – market size, growth, and key players, details the evolution of the payment landscape in India, along with key Mar 4, 2024 · Growth of e-commerce payments. Prior to demonetization, digital payments accounted for only about 10% of all transactions in India, but that number has grown to over 20% in the years since[1]. Industry and market insights and forecasts. Adoption and Usage of Digital Payments 2. In India, the Unified Payments Interface (UPI) has become a leading payment system Jan 30, 2025 · Industry & Market reports. The YoY growth in QR code usage has been significant, with an increase of over 30 per cent in FY 2023-24. Digital payments industry in India covers a broad spectrum from banking for the unbanked catalysing financial inclusion to enhancing customer experience for faster, convenient and safer payment options. With over 46% Dec 17, 2024 · The digital payment transactions have increased significantly in the last few years, with the overall transactions seeing a 44. India used digital payment methods more frequently (75%) than China (63%) or Italy (49%) during the lockdown, compared to the global average of 45% [1]. May 15, 2023 · “India leads the world in real-time digital payments by clocking almost 40% of all such transactions,” Narendra Modi, the prime minister, has boasted. Mar 13, 2024 · National Payments Corporation of India (NPCI) has also been instrumental in the launch of new payment innovations such as AEPS and UPI123 for offline payments. Jan 15, 2025 · The digital revolution in the country has significantly propelled the adoption of digital payments in India. With about 25. . RBI highlights UPI's impressive CAGR of 74% over five years in boosting digital payments in India. 1 We are pleased to bring you the latest edition of the ‘India Digital Payments Report’ for H2 2023. The digital payment industry in India has evolved and transformed drastically over the last decade. Abstract . Dec 20, 2024 · The cash-to-digital transformation in India. I believe that digital payments in India, in all likelihood, will Nov 4, 2024 · In this blog, we explore the evolution of India’s digital payments system, its impact on various industries, and the challenges ahead. Aug 4, 2018 · The deployment of digital payments across the globe has not been uniform due to varied adoption and acceptance levels and different business models to tailor fit the economic and societal background of a country. Feb 14, 2025 · The key segments of the fintech sector in India comprise digital lending, digital payments, insurtech, wealth tech, and blockchain, among others. Jan 17, 2025 · ­­­­ In recent years, India has witnessed an unparalleled rise in digital transactions, marking a significant milestone in its journey towards becoming a cashless society. The PSS Act establishes a legal framework for the regulation and oversight of the country’s payment and settlement systems. The India Payment Gateways Market is witnessing remarkable growth, fueled by rapid digitalization and the booming e-commerce sector. Until 2015, while efforts were underway to bring about a shift, the digital payment landscape in India was nascent at best. 5) To study factors influencing towards digital payment system. See full list on ibef. India digital payment market, valued at USD 5. 90% resulting in a From cash to digital payments, the India story is exciting. 5 billion real-time digital payments transactions, the highest ever reported in the world. 52% to reach USD 3. Digital payments have seen remarkable growth in India in recent years, driven by various initiatives taken by the government, financial institutions, and technology companies. That itself is one of the world’s fastest growth rates, but its expansion has been even more rapid—about 160 percent annually—in India’s unique, real-time, mobile-enabled system, the Unified Payments Interface (UPI). Reflecting on the digital payments surge, it stated that a year-on-year (YoY) transactional volume growth of 42% was seen in FY24, which is poised the digital payments infrastructure are contributing to differences in the competitive structure of the mobile payments industry. Aug 30, 2024 · “UPI now accounts for over 80% of the overall retail digital payments in India and is expected to contribute to 91% of overall digital payments’ industry volumes by 2028-29,” the report said. Key growth drivers will include embedded finance, ecosystem finance, digital lending based on payment data, and offline payments," said Mihir Gandhi, partner and payments transformation leader at PwC India. 5. 3 The deepening of digital payments, along with Government efforts to strengthen this sector, has given investment opportunities to big techs. It has a very high rate of digital payment adoption as compared to other nations, and as a result, many other nations want to Like the previous edition, this year’s publication focuses on India’s fast-growing digital payments industry. With over 46% Jan 15, 2025 · India’s UPI system, developed by the National Payments Corporation of India (NPCI), has revolutionized domestic payments. 73 billion transactions (Source: NPCI), becoming the backbone of peer-to-peer (P2P) and merchant transactions alike. 32% jump in volume and 16. $2. So far in 2023, over 91 billion digital payment transactions have been recorded. Dec 19, 2023 · Paying for a hotel room with a credit card, getting a new TV on a debit card, or paying for vegetables on the street via a mobile wallet: digital payments are omnipresent in the everyday life The payment industry in India is experiencing significant growth, driven by the increasing adoption of digital payment methods and government initiatives aimed at promoting a cashless economy. Dec 31, 2024 · BNPL: Flexibility and financial responsibility The growth of buy now, pay later (BNPL) services in India reflects a shift towards digital-first credit solutions. Apr 24, 2021 · Industry officials point out that MDR acts as a financial incentive for banks and payment aggregators to acquire merchants. UPI transactions hit 17,221 crore, driving the overall payment volume to 20,787 crore. The former may arise due to the impacts of the Global Financial Crisis in 2008 as well as the Payment and Settlement Systems Act, 2007, whose provisions were implemented in the successive years and decisively shaped the digital payments industry in India. 1 December 2024 . India leads globally in terms of real–time payment transactions with 48. Despite these efforts, we anticipate that in the near term, COVID-19’s impacts will cause a decline in 2020 payments revenue of up to 8 percent across Asia (Exhibit 1). As of 2023, the market size was estimated to be around $3 trillion, reflecting a compound annual growth rate (CAGR) of In 2020, India reached a record 25. 4. Key drivers of digital payments in the volume segment are debit cards and IMPS. Jul 30, 2024 · India's digital payments market is one of the fastest-growing in the world. (Amazon Pay), ICICI Bank Limited (ICICI Pockets) and PayTm Payments Bank Limited are the major companies operating in this market. The country's demonetisation drive in 2016, aimed at curbing black money and promoting a cashless economy, also significantly boosted 3. 98 lakh crore in January 2023. Dec 19, 2023 · Source: Reserve Bank of India (RBI), National Payments Corporation of India (NPCI) & DIGIDHAN Portal. Digital payments will percolate to the vast majority of India, in both online and offline modes. As digital payments become ubiquitous, there is considerable scope for growth to propel India to become a cashless economy. 6 India Digital Payment Market Revenues & Volume Share, By Vertical , 2021 & 2031F. India Payment Gateway Industry Report . Overall, the payments industry’s 2022 revenue and valuation growth are consistent with optimism about the future. 5 India Digital Payment Market Revenues & Volume Share, By Component , 2021 & 2031F. India’s digital payment volume has climbed at an average annual rate of about 50 percent over the past five years. Jan 7, 2025 · Cross-border payments A rise in cross-border transactions is leading to the development of new payment models. Jun 2, 2022 · India’s digital payments landscape has transformed dramatically over the past five years and is set to become a digital payment economy. Its open architecture, interoperability, and seamless user experience have democratized payments, encouraging adoption FUTURE OF DIGITAL PAYMENTS Abstract The evolution of payments industry in last couple of years has been phenomenal, to say the least. !onsumers Usage of Digital Payments 2. The India Mobile Payments Market is expected to reach USD 1. Companies offering advanced payment solutions, cross-border platforms, and blockchain-based financial services can tap into this market. Aug 18, 2023 · India has emerged as a global leader in the adoption of digital payments. This mode of payments can be processed in multiple ways, including app-to-app payments, smartphone scanning the business's QR code, and others. e. As online shopping gains traction, so does the demand for efficient and secure payment solutions. 5 bill Sep 18, 2024 · a. The digital payments industry itself would be worth $5 billion by 2020. 593 trillion). The report leverages BCG’s industry expertise in payments and the fintech domain, along with PhonePe’s deep insights and expertise The Reserve Bank of India (RBI) reported a compound annual growth rate (CAGR) of 61% in volume and 19% in value for digital payments in India between 2014–2019. India has led the list of five countries in digital payments, with 89. The Asia Pacific region and China in particular has been the growth engine for this industry however the adoption is growing rapidly across the world and is an open field for all players to pursue. 53 trillion in 2018 and is projected to reach USD 19. Oct 27, 2022 · India’s digital payment volume has climbed at an average annual rate of about 50 percent over the past five years. Positioned for growth. India accounted for 46% of worldwide real-time payments in 2022, more than the other four leading countries combined. 2% from 2025 to 2033. These numbers are growing rapidly each quarter. 3 India Digital Payment Market - Industry Life Cycle. Aug 28, 2024 · "Over the next five years, the payments industry will prioritise expanding ecosystems and exploring new use cases for existing platforms. Oct 18, 2024 · Instant payments are rapidly replacing cash in developing markets with low card penetration, such as India, Malaysia, and Indonesia. Digital India spans multiple government departments, bringing various initiatives under a comprehensive framework. The UPI industry in India has successfully changed the future of digital payments in India, over the span of 6 years. 61 Billion by 2033, growing at a CAGR of 23. Digital wallets, UPI, and credit/debit cards have emerged as popular payment methods in the e-commerce space. Digital Payment Maturity Growth in Digital Payment Transactions Fear of Fraud & Theft 10 Bn 11x FY 2016-17 114 Bn FY 2022-23 Expanded the pie of digital payment transactions instead of cannibalizing 100 3. The RBI develops digital payment rules and regulations, as well as controls payment service providers and intermediaries. While BNPL offers short-term, interest-free credit for online purchases, Mahajan emphasises the importance of understanding the terms before opting for this payment method. 4) To find out customers opinion towards digital payment as a practice. Jul 12, 2024 · Over the last 10 years, India has witnessed phenomenal growth in the digital payments’ domain. 5x 2018 395. 48 Billion in 2024, is projected to reach USD 42. 6 billion transactions processed in 2021. Digital payments in India grew 58% in FY22-23 over the previous financial year. 06 trillion (Rs. The Evolution and Future of Digital payments industry: In Conversation with Sameer Nigam, Founder & CEO, PhonePe India’s digital payments landscape has witnessed phenomenal growth over the past five years. With UPI’s growing international presence and the continued rise of digital transactions, India is setting new global benchmarks for financial digital payments in India. PhonePe Pulse was launched in September 2021 with the aim to demystify data on the Indian digital payments landscape and give back to the ecosystem. BCG predicts that the proportion of digital payments will grow to 65% by 2026. digital payments in India. 90% resulting in a Sep 20, 2024 · Growth in Digital Payment Transactions: Digital payments in India have witnessed significant growth, with the total number of digital payment transactions volume increased from 2,071 crore in FY 2017-18 to 18,737 crore in FY 2023-24 at Compounded Annual Growth Rate (CAGR) of 44%. In addition to this, Immediate Payment 1) To understand the growth of Digital Payment Industry in India 2) To study different Digital Wallet Companies available in India 3) To understand the role of Digital Payment Industry in Indian economy. Mar 21, 2025 · Types of Digital Payments In India 1. Feb 27, 2023 · With a customer-centric attitude, India’s digital payments industry is utilizing solutions from banks, fintech firms, and the government, to make the digital payment experience as seamless and as secure as possible. In India, the digital payment sector holds tremendous promise in the backdrop of increasing internet and mobile penetration. At the forefront of India’s digital payment revolution is UPI with a record hit of 16. Paper Type: Industry Analysis-based Aug 24, 2023 · In a 2022 report on the Indian payments industry, global consulting firm Boston Consulting Group (BCG) stated that digital accounts for 40% of total payments in India, by value — the rest being cash. The report forecasts revenue growth on global, regional, and country levels while providing an analysis of the latest industry trends in each of the sub-segments from 2017 to 2030. 5 million transactions in 2022 with UPI emerging as a revolutionary product. 3T figure likely refers to Total Payments Value (TPV) of digital payments. The Indian model is inspiring others. Oct 8, 2023 · to show for it. The global digital payment market size was valued at USD 3. While consumer payments are expected to continue growing, the industry is increasingly focusing on B2B payments and innovation in cross-border payments. tdbh hpzzh xymwt bkjxjl sqbt fagvf zrzvlsa jdiwz opeas qwq jxnqw qyytp pqjcge qrjls vagvwku