Digital Payments In India – Cashless Economy

20th Nov 2022

To the moon! You’ve heard this line a lot over the last two years with significant hype around cryptos. But with a transaction volume of Rs 84,17,572 Crore, it’s India’s UPI payments which are skyrocketing. For this transaction volume, If you align the 2000 rupee note edge to edge lengthwise, you could have 9 round trips to the moon and back, with some notes to spare!

A total of 7,422 Crore digital payments took place in FY 22. That’s almost 53 transactions per person (Assuming India’s population to be at 1.38 Bn) and as per CSLA estimates, the transaction volumes are estimated to reach almost $1 Trillion – a whopping 30% of total consumption.

These developments have shaped the landscape of the digital payments in India and so, we at PaywithRing, are bringing a product to help digital India with just that!

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