What started out as a single-player ecosystem in 2010 has grown to encompass 15 digital payment providers in 2019, with further growth estimates placed at 20.2%, reaching an expected market capitalisation of US$1 trillion by 2023. Today there are an estimated 93.3 million users of digital payment services in India, with the leading cities for such transactions including Bangalore, Mumbai and Chennai.
The rise of e-wallets was fuelled largely by the demonetisation of old banknotes that took place in November 2016. The policy measures taken by the government of India and the Reserve Bank of India have provided further...