Indian Economy News

Real-time payments expected to boost India's GDP by $45.9 bn in 2026

  • IBEF
  • April 27, 2022

Real-time payments are expected to enhance India's GDP by US$ 45.9 billion by 2026, with real-time payments transaction volumes expected to top 206 billion. With 48.6 billion real-time transactions in 2021, India surpassed China (18 billion transactions) and was about seven times larger than the combined real-time payments volume of the US, Canada, the UK, France, and Germany.

In 2021, Indian businesses and customers saved US$ 12.6 billion as a result of widespread adoption of real-time payments. Real-time payments accounted for 31.3% of overall payments transaction volume last year, thanks to merchant adoption of UPI-based mobile payment apps and QR code payments, as well as increasing use of digital payments during the Covid-19 outbreak.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.