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It's possible to calculate the extent to which the level of digital transactions relates to the underlying trends.
Despite numerous government efforts to popularise digital transactions, India continues to be a cash-dependent economy. This is because the transforma
This paper projects the nationwide and state-wise size of India’s Unified Payments Interface (UPI) market under various GDP growth scenarios. The market sizes under these scenarios are expressed in monetary values at the scale of both sub-national units and the Indian economy as a whole. With the help of transactions and market share data from Phonepe, a UPI company, the paper estimates the national and state-wise base case scenario market volu
