The Market Analysis of Digital Payments in India

India's digital payment ecosystem has witnessed unprecedented growth over the past few years. As of 2024, the market size for digital payments in India is estimated to be around $12 trillion. The market has been expanding at a compound annual growth rate (CAGR) of approximately 24.6% from 2019 to 2024. The Government of India's push towards a cashless economy, coupled with the rapid adoption of smartphones and the internet, has significantly contributed to this growth. By 2025, the market is projected to reach nearly $15 trillion, marking India as one of the fastest-growing digital payment markets globally.

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