Rate of Oil and Gas Drilling Activities Drops in the United States
Online Payments in India Revolutionizing the Economy in 2023
By Shubhendra Anand , 10 October, 2023
Digital payments are a new way of transforming the economy via online and cashless payments. The world is seeing immense growth in digital payment, and emerging economies like India are developing a new digital ecosystem. The progress in the digital payment field is revolutionizing India digitally.
Based on a survey in 2023, online payment numbers have increased more than 100 times in the last nine years, from 127 crore in 2013-14 to 12,735 crore online payments in 2022-2023. Various factors affect the online pay portals to grow in this period. One of the major factors accelerating the growth of digital payments is the convenient-to-pay portals, such as Bharat Interface for Money-Unified Payments Interface (BHIM-UPI), prepaid payment instruments (PPIs), and others. According to another survey report, digital payments through Google Pay and Paytm are the gateways. The report also mentioned that in the last year, almost three-quarters of the online payment users have used these pay portals. These two online payment portals, Amazon Pay and PayPal, are on the list, along with PhonePe, next to them in 2023. BHIM and MobiKwik are also down to the list of India's most used online payment portals; 21 and 19 percent of the online payment users use MobiKwik and RazorPay, respectively, in 2023. In India, Unified Payments Interface (UPI) has been the most preferred payment mode and earned 14.15 lakh crore rupees through 886.3 crore digital payment transactions in April 2023. As pe the data, the Indian digital market is expected to reach USD 200 billion by 2026. Due to significant growth in the usage of smartphones and an increase in e-commerce, among other factors, the Indian digital payment platform has enhanced immensely.
India's target to become a cashless society is progressing day by day with the enhancement in digital payment technology and online payments. The payment gateways are contributing to easy digital transactions. Thus, online payment helps in the sustainable growth of the country economically.Online Payments in India Revolutionizing the Economy in 2023
Latest News
Rate of Oil and Gas Drilling Activities Drops in the United States
The United States went through a decline in oil and gas drilling activities in 2024. Since the beginning of the year, the United States has faced many challenges in keeping up with the oil drilling process. Recently, the surveys showed that the total…
U.S Electricity Demand to Get Double with AI and EV by 2030
Electrification in the energy sector will ramp up in the United States in 2024. The nation aims to set up data centers and increase the production of electric vehicles, citing the green energy transition. Both activities demand a high electricity…
Renewable Energy Production Slows down due to Lack of Transformers
Renewables are in high demand in the energy market in 2024. It is due to a clean energy transition that requires a constant flow of renewables in the energy market. The green transformation to combat climate change brings about several environmental…
Packaging Manufacturer Collabs with Solar Projects to Enhance Cleantech in 2024
Companies are making significant moves towards the clean energy transition in various ways. In order to reduce carbon emissions, certain companies are investing in several rescue methods in 2024. Renewables production is growing over time as the…
Amazon Enables News Technologies to Help its Business Customers
Amazon is one of the leading global e-commerce platforms for consumers. The brand boosts its online shopping experience for users in multiple ways. Surveys show that Amazon regulates several business solutions to increase its products and services…
Shubhendra Anand
Head Research
