The digital payments market in India is set to become a trillion-dollar industry in the next five years, led by growth in mobile payments which are slated to rise to $190 billion by 2023 from $10 billion in 2017-18, the NITI Aayog said on Tuesday.
This would present huge business opportunities for players in the digital space, according to the NITI Aayog’s “Digital Payment: Trends, Issues and Opportunities” report released on Tuesday.
According to the study, growth momentum of digital payments in volume and value sustained post demonetization with “spectacular growth” in new products like Unified Payments Interface (UPI).
Launching the report, NITI Aayog’s Principal Advisor Ratan Watal said the proposed changes in the regulatory framework, entry of global giants and the advancement of technology will drive the future growth of digital payments in the country.