Nearly 40 per cent of all payments are now digital in the once cash-only economy of 1.4 billion people, according to government data. This amounts to almost 3 trillion USD, a number set to rise to 10 trillion USD by 2026, according to a recent report by PhonePe and Boston Consulting Group, the
news site adds.
Hundreds of millions of people across the country can access this online transaction system, using apps like Paytm and PhonePe, SCMP writes, reminding that or years, India had been lagging behind other Asian economies such as Singapore, South Korea and China, where QR codes are ubiquitous.
"China first stepped into the world of digital payments in the early 2000s, and over the past decade has evolved to produce super apps like Alipay and WeChat, which incorporate everything from social media to ride-sharing to digital payments," SCMP points out.
