Digital Payments
Policybazaar offers the big picture:
Additional info via Paytm: 
And this on household debt as % of GDP, which shows China at 5X and the US as 7X of India.
Fino offers an overview of the various players using digital medium across different financial segments:
A chart from Paytm shows the exponential growth in digital payments:
More from Fino on the rise of digital payments (above was in dollars, below is in Indian rupees)…
… and retail payments:
Mobile payments expected to reach ~ US$ 3.1 trillion by value by FY 2026rising 5X from 2021, as per Paytm. The digital payments funnel looks like this:
Some additional data points:
- 65 million merchants of which 45 million have access to internet – Paytm
- 30-35 million unique merchants are using QR codes for digital payments in India and expected to increase to 55-60 million by FY 2026 – Paytm
More data from Paytm:
- Total outstanding loans in India expected to double to $1 trillion to 2026 from $550 billion in 2021
- BNPL (buy now pay later) is expected to grow 5-6X to $90-100 billion by 2026
- MSME loans expected to grow from $375 billion in 2021 to $600 billion in 2026
One of the reasons for the digital opportunity is because of the low penetration of bank branches and ATMs in India, as detailed by Fino:
An additional insight from Fino: In India, there were 4.7 million PoS terminals and 0.24 million ATMs deployed across the country as on March 31, 2021. ATMs and PoS terminals have grown at a CAGR of 4% and 28%, respectively over the past five years.
