India’s UPI Market: Projections for Growth Under Various GDP Scenarios
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India’s UPI Market: Projections for Growth Under Various GDP Scenarios

25 September 2023


There is growing consensus that digital payments can facilitate financial transactions and help boost economic growth in both developed and emerging market economies (EMEs). [1] , [2] Indeed, the COVID-19 pandemic demonstrated how the digitisation of payment mechanisms enabled EMEs to hurdle the disproportionate challenges that faced the developing world during the health emergency. [3] , [4] The geometric rise in digital transactions in EMEs in recent years was a result of multiple factors, among them the resolve of governments to create cashless societies, tech innovation, the affinity of the youth cohorts for technology adoption, the inclusiveness of the fintech boom, and enhanced digital infrastructure leading to more merchants conducting digital financial transactions. According to Global Data Research, the proportion of cash in total transactions volume declined globally from 90 percent in 2017 to less than 60 percent in 2021. [5]

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Renita D’souza
Renita D’Souza is a PhD in Economics and a Fellow at Observer Research Foundation, Mumbai, under the Inclusive Growth and SDGs programme. Her research focus is on development economics including environmental and development finance, sustainability issues such as poverty, climate change, resource efficiency >>

Nilanjan Ghosh
Dr. Nilanjan Ghosh is a Director at the Observer Research Foundation (ORF), India. In that capacity, he heads two centres at the Foundation, namely, Centre for New Economic Diplomacy (CNED), and ORF’s Kolkata Centre. He is also the Director of the Think20 Secretariat, the thinktank >>


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