According to the report, released by PhonePe and Boston Consulting Group, India’s digital payments market will more than triple from $3 trillion to $10 trillion by 2026.
In 2015, the Indian government launched its Digital India program, with the objective to achieve a “faceless, paperless and cashless” status for financial transactions at the grass-root level. NPCI launched UPI in 2016, which enables inter-bank transactions through mobile devices instantly.