Digital payments in India projected to reach $10 trn by 2026: Report

Smaller cities have recorded high acceptance of such transactions as cash use declines in country.

Digital payments in India will reach $10 trillion in value by 2026 from $3 trillion now, said a report on Thursday, forecasting that cash will increasingly be used less.

Digital payments (non-cash) will constitute two out of three payment transactions by 2026, said the PhonePe Pulse-BCG report called 'Digital payments in India: A $10 trillion opportunity'.

The report said the digital payments ecosystem has gained from the entry of multiple new players with diverse offerings driving digital payments adoption at scale. Global and Indian fintech players have been key drivers of UPI (Unified Payments Interface) adoption in India among end-users,