Digital payments in India have picked up sharply in the recent past. Between 2015–16 and 2019–20, digital payments have grown at a CAGR of 55.1%, from 5.93 billion transactions in March 2016 to 34.35 billion transactions in March 2020. UPI crossed the two-billion mark for the third straight month in December 2020. It handled 2.23 billion transactions worth INR 4.16 trillion in December—a record both in terms of volume and value.
Starting from IndiaStack, the country has done a commendable job of standardizing and scaling the adaptability of digital payments. However, the growth of digital payments has not been measured and assessed on a standardized scale. |
