Amazon Pay Payment Gateway : India Ranked No. 1 in the World in Digital Payments by Indian Media

Earlier this year, Prime Minister Narendra Modi announced that India was taking the lead in digital payments.

According to MyGovIndia, India's share of global real-time payments reached 461 TP3T in 2022, with its domestic digital payment transactions exceeding those of four other major countries combined. The Times of India reported that the value of mobile payments transactions in India last year far exceeded those in the United States, the United Kingdom, Germany and France. Indian Cabinet Minister Ashwini Vaishnav told the World Economic Forum in January this year, "Even if you multiply the sum of these four countries by four, it is not enough to match."

Experts at the Reserve Bank of India point out that India has achieved new milestones in the value and volume of digital payments, demonstrating the robustness and widespread acceptance of the country's payments ecosystem.

Back in 2020, research and consulting firm RedSeer released a report predicting that the size of India's digital payments market will reach Rs 70.92 trillion by 2025. The report states that the digital payments market in India is valued at Rs 21.62 trillion in FY 2019-2020, with around 160 million mobile payments users. Both are expected to witness significant growth by 2025, driven by relevant policies of the Indian government.RedSeer predicts that by 2025, the Indian digital payments market will increase to Rs 70.92 trillion, with close to 800 million mobile payments users.

India has reportedly established the world's largest biometric database, Project Aadhar, and launched a unified e-payment system to make e-payments viable in the country. As it turns out, the sector that has benefited the most from the 2016 demonetisation order is mobile payments - Paytm, India's largest digital payments company, achieved its annual sales target of $5 billion four months ahead of schedule.