While digital payment adoption began to grow significantly post demonetisation, the COVID-19 pandemic accelerated this shift over the last year, according to PwC India's Indian Payments Handbook. The total value of digital payments is expected to grow to ₹238 lakh crore by 2024-25 from ₹92 lakh crore in 2019-20, while the total volume of transactions is expected to grow to 167 billion from 42 billion during the same period, the report says. "Growth in digital payments in India has been driven by multiple factors such as the launch of new and innovative payment products, increasing smartphone adoption, a growing need for faster payment modes, and a strong push from the Government and regulators towards adoption of digital channels, the report says. levels. "We have seen a V-shaped recovery post the pandemic, as the outbreak accelerated the shift to digital platforms. Businesses are now looking to integrate both online and offline channels in order to provide an omnichannel experience to their customers," it added. The report says banks, non-bank entities, fintechs and BigTechs that have so far benefited from the rise in digital payments adoption, will help grow the ecosystem further through new products and platforms. "Digital payments have evolved from being viewed as a cost centre for banks to a revenue centre and a key lever for customer acquisition. Financial companies have stepped up their efforts to strengthen their payment infrastructure and have started offering other adjacent services such as lending, wealth management, microinsurance, and use of data analytics to…
