NewDelhi: India’s Unified Payments Interface currently processes over 20 billion transactions a month setting the global benchmark for real-time payments, a report said on Thursday, adding that the platform demonstrates how digital public infrastructure can combine scale and financial inclusion.
The report from Boston Consulting Group (BCG) said global payments revenue is projected to touch $2.6 trillion by 2030, with annual growth slowing to 5 per cent compared with 7 per cent over the past five years.
The growth will diverge by region with the Middle East and Africa expected to expand faster at 8 per cent than North America at 7 per cent through 2030. The growth will likely be 5 per cent in North America and Europe.
“India’s real-time payments scale is a remarkable achievement in digital public infrastructure. The model is instructive globally as it combines inclusion and scale rather than trading one off for the other,” said Vivek Mandhata, Managing Director and Partner, BCG.
“India drew hundreds of millions of users into digital payments while still growing transaction volumes at a pace few markets can match. Credit cards continue to grow in tandem, particularly online, giving banks, fintechs, and payment companies a genuine opportunity to build richer, value-added offerings on top of an already massive digital rail,” Vivek added.
India’s next phase of growth involves transition into the world of agents while maintaining experience, trust and economic viability for the end consumer and merchants, he said.
Bureau Report
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