India saw a growth spurt in digital transactions post 2016 and witnessed a consistent upward trajectory through 2020 – 2022, primarily driven by the COVID impact the nation went cashless and no contact. Cut to, 2023 India has witnessed over 91 billion digital payment transactions, with UPI emerging as a preferred payment mode by everyone and has recorded 886.3 crore digital payment transactions with the value of Rs. 14.15 lakh crore by April 2023. That is a – 100 times increase in digital transactions in the last 9 years.
The Indian government has shown fantastic initiative and in recent times is in the process of enhancing UPI, RuPay and BHIM functionalities to support cross border payments too. This astounding growth has been possible due to over 7000 fintechs driving collaboration and innovation through partnerships across the entire financial value chain.
RBI, taking into considerations the pace at which digital payments has evolved, they have worked towards mandating, tokenization of transactions to further secure the process and also improve consumer experience. This and all the other initiatives India has implemented to substantiate digital payments is expected to put the country in a position to contribute nearly 70% of global real time payments by 2026.
Collectively, the increase in digital payments and transactions has supported the Indian economy by spearheading growth, by increasing financial inclusion, elevating innovation and transparency of process, helping the economy move towards sustainable growth. The digital payment industry is growing thanks to the following trends a tech savvy citizen pool; increased mobile payments; e-commerce and D2C industry growth; innovative KYC methods. The 2nd Fintech India Summit & Awards 2023 is an industry curated platform which is coming together to celebrate and recognize leaders in the digital payments space in India along with other fintech domains, if you want to elevate your brand profile and leverage your business opportunities then you have to partner with us.