“According to Credit Suisse, the digital payments market in India will be worth $1 trillion in the next four years, up from about $200 billion currently.
According to industry estimates, more than 100 million people in India today use mobile payments services.
Amazon, Google, and Samsung entered the payments market in India, leveraging an open payments infrastructure called UPI (Unified Payments Interface) built by a coalition of banks and backed by the government.
Google Pay has amassed over 67 million monthly active users, the company revealed earlier this year.
If those challenges weren’t enough, WhatsApp, which has amassed more users than any other service in India, is expected to roll out its payments service to all of its 400 million users in the country in the coming weeks.”