Digital payments in India likely to grow to Rs 7,092 trn by 2025: Report

By 2025, wallets are expected to have a higher penetration and lower-income would eventually drive multiple small-ticket transactions

Digital payments in India are expected to grow over three-folds to Rs 7,092 trillion by 2025 on account of government policies around financial inclusion and the growing digitisation of merchants, according to a research report.

The country's digital payment market was worth around Rs 2,162 trillion in 2019-20, RedSeer Consulting said in its report.

"The current 160 million unique mobile payment users will multiply by 5 times to reach nearly 800 million by 2025. This growth will be driven by a number of demand and supply-side drivers," the Bengaluru-based management consultancy said.

"Mobile payments will drive around 3.5 per cent