The KPMG report shows that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations between 2016 and 2017.
Other key findings:
the number of merchants accepting digital payments modes has increased to over 10 million in two to three years;
the global digital payments market is expected to touch USD 10.07 trillion by 2026;
the mobile wallet market is expected to continue its expansion at a CAGR of nearly 52.2% by volume during 2019-23;
the volume of UPI transactions have increased at a CAGR of 246% during the period from 2016-17 to 2018-19.
Moreover, the Reserve Bank of India has forecast an outcome of 50% increase in mobile-based payment transactions as per its 2021 vision document. This shift can be attributed to robust payment infrastructure, evolution of form factors, availability of structured data, shift in consumer behaviour and the governments vision of transforming India into a cashless economy.
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