Digital payments in India have grown significantly, from $61 billion in FY2016 to $300 billion in FY2021. As per a CLSA report, digital payments will exceed $1 trillion by 2026. Estimates from Statista suggest that as of 2021, India had more than 1.5 billion mobile phone numbers, of which 800 million were linked to smartphones. UPI accounts for 60% of total digital payments by volume.
