The Top Player’s Marketing Strategy in Digital Payments Market in India
The digital payments market in India has seen exponential growth, especially since the government's demonetization initiative in 2016, which served as a catalyst for the adoption of cashless payment methods. According to a recent report by the Reserve Bank of India (RBI), the digital payments market in India reached a valuation of USD 300 billion in 2023 and is expected to grow at a CAGR (Compound Annual Growth Rate) of 22.6% over the next five years. This rapid growth is fueled by the increasing smartphone penetration, affordable data plans, and the proliferation of digital payment platforms like UPI (Unified Payments Interface), mobile wallets, and QR code payments.