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Digital payments have revolutionized the financial landscape in India in recent years, propelled by a burgeoning fintech ecosystem and the government’s push for financial inclusion. The recent NPCI data reveals that there has been over a 200% increase in digital transactions in the last four years since FY 2018-2019.
UPI transactions also saw an eight-fold increase in the last three years, reaching 45 billion in FY 2022. In February 2023, P2M UPI transactions witnessed a 119% growth during the same period. This adoption of UPI and other digital payment modes by India’s retailers is driven by demand from customers, who have shown increased stickiness towards easy-to-use safe online payment platforms since the pandemic.
