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India's digital payments projected to more than double by 2023

Tuesday 18 June 2019 | 08:53 AM CET

India’s digital payments transaction value is projected to more than double to USD 135.2 billion in 2023 from USD 64.8 billion in 2019, according to an ASSOCHAM-PwC India study.

The study shows that India is expected to register the fastest growth in digital payments transactions value between 2019 and 2023, with a CAGR of 20.2%.

Other key findings of the report:

  • India’s CAGR of over 20% is ahead of China with 18.5% and the US, with 8.6%;

  • the country’s share of the worldwide transaction value of digital payments is set to increase from 1.56% to 2.02% in the next 4 years;

  • the enabling factors for growing electronic payments are regulatory efforts, early success of wallets of non-banking players, interoperability between the pre-paid instrument (PPI) players (currently around 50 in India).

Moreover, the report shows that even though India is growing at the fasterst pace, China is the market leader in terms of the overall value of transactions of USD 1.56 trillion.

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