Digital payments to see highest growth by FY25

The early yet fast evolving digital payments industry in India, impelled by strategy structure and technology penetration, is required to develop at a build yearly development pace of 27% during the FY20-25 period.

The development in retail electronic payment frameworks including National Electronic Fund Transfer (NEFT), mobile banking, and improvement of payment acknowledgment foundation is probably going to support digital payment transactions from ₹2,153 lakh crore in FY20 to ₹7,092 lakh crore in FY25, as per the India Trend Book Report 2021 by the Indian Private Equity and Venture Capital Association (IVCA) and Ernst and Young.

The digital payment market, which has been driven by organizations like Paytm, PhonePe, Pine Labs, Razorpay, BharatPe, and others on the B2C and B2B sides, has flooded speedily with organizations offering money backs, rewards, and offers to charm clients. Besides, the new pandemic has animated the interest for digital wallets as contactless payments is figured as the new ordinary protocol.