India’s retail digital payment is likely to double to 7 trillion dollars by 2030, says a joint study by Kerney and Amazon Pay. India’s digital payments for retail transactions have grown to 3.6 trillion dollars in the financial year 2023-24, compared to 300 billion dollars in the financial year 2017-18, according to the study named ‘How Urban India Pays’.
UPI transactions were introduced in India on April 11, 2016. The digital transaction levels have seen a 138 per cent growth in the Unified Payment Interface (UPI) payments levels from the financial year 2018 to 2024. The report also states that India’s e-commerce market was worth 75 billion dollars to 80 billion dollars in 2022, which is expected to grow 21 per cent by 2030. In India, cards and digital wallet transactions make up to 10 per cent of the digital transaction value. India’s digital transactions alone clocked in 46 per cent of the entire world’s digital payment volumes in 2022, according to the report.
