India's digital payment ecosystem has witnessed unprecedented growth over the past few years. As of 2024, the market size for digital payments in India is estimated to be around $12 trillion. The market has been expanding at a compound annual growth rate (CAGR) of approximately 24.6% from 2019 to 2024. The Government of India's push towards a cashless economy, coupled with the rapid adoption of smartphones and the internet, has significantly contributed to this growth. By 2025, the market is projected to reach nearly $15 trillion, marking India as one of the fastest-growing digital payment markets globally.
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