The digital payment industry in India is growing at a fast pace. The statistics by the Reserve Bank of India have revealed that the digital retail payment amounting to $4.9 trillion in value and 44 billion in volumes were processed in Fiscal Year 21. Out of the total transactions, people-to-merchant retail payments were recorded to be worth $800 billion in value and 22 billion in volumes.
Undeniably, Payment Aggregators are playing a significant role in powering digital payments in India. Digital payments in India witnessed a huge growth in the COVID-19 pandemic. The country is hugely benefitted from possessing a world-class payment infrastructure that could efficiently meet this rapidly increasing demand from consumers as well as merchants. UPI, Bharat QR, BBPS, Bharat One, and Jan Dhan accounts enabled the growth of digital payments.
The benchmarking report by the Reserve Bank of India states that a perfect blend of a large TAM, open architecture, low entry barriers, and standard pricing has attracted many players to enter this competitive and dynamic market.
