India's digital payment landscape: A quick overview

Remember those days from your childhood when your parents ALWAYS paid for everything in cash? Or cheque? Today, with the rise of digital payments in India, things are very different. Demonetisation was the spark that triggered the digital payment revolution in the country. And the pandemic accelerated the adoption of virtual, contactless payment solutions. From QR codes and NFC technology To video KYC and the Aadhaar Enabled Payment System There are several technologies that have driven the rapid rise in the use of digital payments in India. An ACI Worldwide report that tracked real-time payments in 48 global markets showed that India held the top spot With 25.5 billion real-time transactions! Meanwhile, homegrown United Payments Interface or UPI had set a new record during the pandemic. UPI payments crossed Rs. 5 lakh crore in value in March 2021 - across 2.30 billion transactions. And projections show that by 2025, three in four transactions will be digital. From where we stand, the future of India’s digital payment landscape clearly seems promising. So does the future of insurance, which is what we’re going to be looking at in the coming chapter.