It should come as no surprise that India has one of the fastest-growing fintech ecosystems in the world, driven development mostly by the of the digital payments segment in a nation that is seeing significant expansion. India's digital payments market would more than treble from USD 3 trillion to USD 10 trillion by 2026, according to a new analysis by PhonePe and Boston Consulting Group.
In a span of just six years, India, primarily a cash-based economy, now leads the world in real-time digital payments, accounting for almost 40 per cent of all such transactions. The mass adoption of UPI during the COVID-19 pandemic has extended far beyond the urban to even rural India, an effect that left the experts in amazement.
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