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Detailed explanation-1: -Digital payments set to become a trillion-dollar market in next five years: NITI Aayog. The digital payments market In India is expected to grow to US $ 1 trillion by 2023 led by growth in mobile payments, presenting huge business opportunities for players in the digital space.

Detailed explanation-2: -The number of digital payment transactions should treble by 2025 and the Unified Payments Interface (UPI) should register an average annualised growth of 50% by then, according to the Reserve Bank of India (RBI).

Detailed explanation-3: -India. One of the first online payment systems in the country dates back to 1996, where the Industrial Credit and Investment Corporation of India (ICICI) began to offer their clients online banking services in their retail branches.

Detailed explanation-4: -Digital marketing firm Juniper Research has predicted that the use of QR codes for electronic payments in the US will increase by 240% from 2020-2025. In fact, the collective total of mobile payments surpassed $13tn last year, with most of that figure coming from QR code payments on the WeChat and Alipay apps in China.

Detailed explanation-5: -The total transaction between credit cards and debit cards comes to around 65 per cent and the remaining 35 per cent has been shared between UPI P2P, UPI P2M, and prepaid cards, the report showed. As of September 2022, the overall number of POS terminals installed by merchant-acquiring banks had surpassed 7 million.