Indian digital payment industry projected to reach $10 trillion by 2026

Indian digital payment industry is projected to reach $10 trillion by 2026, according to a report by digital payments company PhonePe, in collaboration with management consulting firm Boston Consulting Group.

India’s digital payments landscape has witnessed phenomenal growth over the past five years.

As per the report, India’s digital payments market is at an inflexion point and is expected to more than triple from the current $3 trillion to $10 trillion by 2026 (excluding large B2B/ G2B payments).

As a result of this unprecedented growth, digital payments (non-cash) will constitute 2 out of 3 payment transactions by 2026 with contributions from across India.