India is one of the largest and fastest-growing markets for digital consumers in the world. The Indian digital economy is expected to grow to over $1 trillion in size by 2025, and driving this revolution is the ubiquitous smartphone, the widespread use of which has hastened the growth of multiple digital payment apps in the country. Instant money transfers have been made possible by IMPS and UPI, and other digital as well as online payment tools are now available at our fingertips, all thanks to technology and favourable government policies.
UPI or unique payments interface has turned out to be one of the most preferred payment tools for consumers in India. UPI already accounts for around 75 per cent of the total transaction volume in the retail segment, and it will continue to dominate the digital payments space in the country. While India has already started taking UPI to the world, the major move of enabling credit card on UPI will create path-breaking records in terms of growth as well as adoption.
The BharatPe Story
In such a scenario, BharatPe has made a significant reach in the market, and continues to drive digital payments via its entrenched network of UPI QR and POS machines. The company processes $26 billion in transaction processing value (TPV) annually.
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Denne historien er fra 29 July 2023-utgaven av Businessworld India.
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