Global firms to push domestic digital payments to $1 trn over next 5 years

India has already started showing early signs in voracious consumption of data

Digital payments in India could rise to $1 trillion over the next five years, as global technology giants pushed infrastructure as aggregators for retail payments, said Credit Suisse in a note on Monday.
 
“In just four months of launching its payments app, Google is already processing the same number of digital transactions as Axis Bank (fourth highest among banks) and has resulted in Unified Payments Interface (UPI) transactions increasing about eight times,” wrote Credit Suisse analysts Ashish Gupta, Kush Shah, and Sunil Tirumalai.
 
The report said with WhatsApp planning to integrate a payments button in its app within