India to contribute 2.2% of world's digital payment market by 2023: Report

The Covid-19 pandemic is expected to further amplify the reach of digital payments with people terrified of using cash

India’s digital push, amplified by the adoption of mobile-based, real time payment platform Unified Payments Interface (UPI), has put India on the map of one of the fastest growing digital payment economies in the world. And, it is expected that India will contribute approximately 2.2 per cent of the world’s digital payment market by 2023, a report by PWC and Payments Council of India (PCI) said. Furthermore, the global digital payments market is also expected to reach the milestone of more than $12 trillion transactions by value by 2025 from $3.7 trillion transactions in 2019, thereby growing at a compounded