Ready To Depend On E-Payments-An In-Depth Guide
                     Ready To Depend On E-Payments-
An In-Depth Guide
An Introduction
The demonetization policy in India introduced in November 2016 had a massive impact on 
the country's economy, but it also helped in accelerating the growth of digital payments in 
the country. If you want to reap the advantage of this revolution, it's a good time to start 
your own payment gateway business now.
Concept of Digital Payments
The concept of digital payments is unarguably one of the most important cornerstones of a 
financially inclusive country like India as the government brings every citizen of the country 
under an organized financial system. In recent months and years, the growth of digital 
ecosystem in India has been driven by many factors, including but not limited to:
 A universal digital identification program
 User-friendly, fintech-led digital products
 Growing merchant acceptance network
 Disruptive innovations by fintech companies
Interesting Online Payment market 
statistics of India
 The payment industry of India is expected to grow by a whopping 300 percent by 2025, 
with 2 out of every 3 transactions becoming online.
 The volume of UPI transactions grew by a staggering 275 percent to 83.7 billion 
between FY20-21 and FY22-23. UPI is expected to cross one billion transactions per day 
in India by FY26-27, according to consulting firm PricewaterhouseCoopers (PwC).
Interesting Online Payment market statistics 
of India
 The total transaction value in the Indian digital payments market is expected to reach 
US$200.30 billion in 2023 and US$370.50 billion by 2027.
 Digital transactions across different wholesale payment and retail channels between 
financial year 2020/21 (FY20–21) and FY22–23 grew by more than 2.5 times by volume 
to 113.9 billion and worth more than US$24.14 trillion.
 The number of mobile wallet users in India is expected to reach 900 million by 2025.
Interesting Online Payment market statistics 
of India
 The digital payment transaction value of India is more than the combined digital 
payments of developed countries like France, Germany, United Kingdom, and the United 
States of America.
 The next wave of growth in India's online payment market is expected to come from Tier 
3-6 cities such as Bhatinda, Dehradun, Gangtok, and Sujangarh.
 The buy now pay later (BNPL) customer base in India for online and offline retail was 5 
million and 2 million, respectively, in 2021. 
Conclusion
India is all set to become one of the world's most successful digital payment economies in 
the near future. The introduction of technological advancements and innovative reforms 
are further accelerating growth of the Indian digital payments market at an unprecedented 
pace. If you want your business to leverage the full potential of India’s growing success in 
the segment of digital payments market, it’s just the ideal time for you to 
start your own payment gateway business now. Call or email us now at ITIO Innovex, and 
our team of dedicated experts will reach out to you.
THANK YOU