Digital payments market in India likely to grow 3-folds to Rs 7,092 lakh crore by 2025: Report

Digital payments in India are expected to grow over three-folds to Rs 7,092 lakh crore by 2025 on account of government policies around financial inclusion and growing digitisation of merchants, according to a research report.

The country’s digital payment market was worth around Rs 2,162 lakh crore in 2019-20, RedSeer Consulting said in its report.

“The current 160 million unique mobile payment users will multiply by 5 times to reach nearly 800 million by 2025. This growth will be driven by a number of demand and supply-side drivers,” the Bengaluru-based management consultancy said.

“Mobile payments will drive around 3.5 per cent of total digital payments of Rs 7,092 trillion by financial year 2025, up from the current 1 per cent. The total mobile payment users who currently stand at about 162 million would reach around 800 million during this period,” the report said.