Publication - Inc42 Media
Edition - Online
The payment landscape in India has transformed remarkably over the past decade with the development of the country’s Digital Payment Infrastructure (DPI). In a bid to bolster financial inclusion, the Government of India strategically introduced an array of DPI initiatives, such as the Unified Payments Interface (UPI), Aadhaar, Data Empowerment and Protection Architecture (DEPA), and Digilocker.
Of these, with a CAGR of 168%, UPI is one of the Indian economy’s biggest success stories. Before the introduction of UPI in 2016, the share of digital transactions in India was only 11.3%. By the end of 2022, it had reached 80.4%. India now accounts for ~ 46% of the global real-time payments, which is more than the transactions of the next four countries combined.
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