According to the latest report shared by the consulting company PwC and Payment Council of India, Digital India payment options are likely to account for nearly 2% percent in the world’s digital payments market by 2023. Several factors have accelerated digital payment growth and have pushed the Indians to go digital such as demonetization along with the launch of UPI in 2016. Now, a new factor in the form of the COVID-19 outbreak is increasing the dependency on digital payment options.
Meanwhile, With Digital India, India is increasing its payment products by launching many options like Aadhaar Enabled Payment System (AePS), Bharat Bill Payment System (BBPS), Bharat QR, National Electronic Toll Collection (NETC), and Rupay Cards. The report further added that “Digital India is likely to hit $12.4-trillion mark in transaction value by 2025 up from $3.7 trillion in 2019.
- UPI – UPI stands for Unified Payments Interface and it was launched by the NPCI. In terms of transaction value, UPI recorded a growth of $117 billion in 2019 from $928 million in 2017. Experts further say that in the future likely to increase by $117 billion in 2023 along with a surge in the scale of 59.77 billion in FY23 from 5.35 billion in FY19. UPI is increasing its reach ever since its launch and is making new records year by year in Digital India.
- BBPS Transaction – BBPS stands for Bharat Bill Payment System. It mainly covers banks, e-commerce portals, and online payment platforms and allows ‘Anytime Anywhere’ payment of bills. BBPS is also expected to record a growth of $12.6 billion in 2023 from $146 million in 2018.
- Rupay Card Transactions – This type of transaction can be used at any POS, ATM, and E-com merchants all over in the country. Rupay Card is also expected to grow by 68 percent to $25.5 billion in 2023 from $15.7 billion in 2019.
All these digital payment options are expected to grow further with continuous efforts and investments made by the government to Digital India. Moreover, many regulators and payment companies may take the lead to enhance the experience further.