The controversy triggered by the letter of Paytm to the NPCI reportedly implies an increasing competition in India’s digital payments market which is projected to grow five-fold to $1 trillion by 2023.
Mobile payments application gained traction after Prime Minister Narendra Modi announced demonetisation of high-valued notes in November 2016, boosting digital payments. Prominent payment applications such as Paytm has 95 million active monthly users while Google Pay’s ( Tez) is 22 million.
Both apps use NPCI’s Unified Payments Interface (UPI) system that allows instant money transfers and merchant payments.
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