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Tue, Jul 16, 2019 | Last Updated 5:36 am IST

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India's digital payments industry estimated to hit $1 trillion by 2023

India's digital payments industry estimated to hit $1 trillion by 2023
India's digital payments industry estimated to hit $1 trillion by 2023
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New Delhi sources stated that When Facebook CEO Mark Zuckerberg announced on April 24 that the company is actively working on to launch WhatsApp Pay in India, the message was clear to the digital payments leader in the country: Brace for the landfall.

India

Meanwhile the country's digital payments industry estimated to hit $1 trillion by 2023 is going to witness a seismic change this year with global players joining the bandwagon, creating flutters among the existing players, including Alibaba backed Paytm which rules the market. Furthermore Amazon just announced the launch of Amazon Pay UPI for Android customers in the peer to peer (P2P) transaction market.



Apparently Google Pay has also strengthened its presence over 45 million users with recording $81 billion in transactions (at an annualized run-rate) in March. Moreover Apple Pay would also arrive and with the lowering of iPhone prices in India, the service which has 390 million paid subscriptions globally and on track to reach 10 billion transactions would reach more hands. Reportedly WhatsApp Pay, however, is going to be the real game changer for a simple reason that it has the capability to become the top player in the Indian digital payments market with the word go.


India's digital payments industry estimated to hit $1 trillion by 2023
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