The 54th Annual Meeting of the World Economic Forum (WEF), held from January 15th to 19th, 2024, bestowed its grand stage upon the picturesque Davos-Klosters in Switzerland. India, with its resplendent growth story, digital public infrastructure landscape, burgeoning startup ecosystem, and expanding energy sector, commanded a significant presence at this prestigious event. India's impact reverberated throughout the summit, with the country proudly showcasing its accomplishments through three exclusive lounges: the India Engagement Centre, the Experience India Centre, and the India Investment Centre.
The 54th Annual Meeting of the World Economic Forum (WEF), held from January 15th to 19th, 2024, bestowed its grand stage upon the picturesque Davos-Klosters in Switzerland. India, with its resplendent growth story, digital public infrastructure landscape, burgeoning startup ecosystem, and expanding energy sector, commanded a significant presence at this prestigious event. India's impact reverberated throughout the summit, with the country proudly showcasing its accomplishments through three exclusive lounges: the India Engagement Centre, the Experience India Centre, and the India Investment Centre.
India's digital payments industry has been growing rapidly, with the market expected to reach $10 trillion by 2026. This growth can be attributed to the Government of India and the Reserve Bank of India's efforts to promote digital payments, the advent of FinTech, and Payment Service Providers or PSPs building infrastructure for seamless transactions. One of the most significant developments in this space is the Unified Payments Interface or UPI, which is estimated to account for about 90% of total transactional volume in retail digital payments over the next five years. UPI has been instrumental in driving financial inclusion and transforming India's payment landscape. Another essential component of India's digital payment ecosystem is India Stack, a unified software platform aimed at bringing India's population into the digital age. India Stack is the largest open API in the world and has enabled financial inclusion for 80% of the population in just six years. As we move forward, let's take a closer look at the key players in the Indian digital payment space and how they are shaping the industry.
