2022 saw the beginning of the rise of multiple digital building blocks beyond UPI that will transform finance and commerce in India
The number of online shoppers is expected to go from about 130-150 million today to around 250 million over the next two years
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In November, there were more than 730 crore (7.3 billion) transactions on the unified payments interface, according to data from the National Payments Corporation of India—a record that reflects the spectacular success of the platform in enabling digital payments in the country.
Those who are driving this revolution, including the Reserve Bank of India, NPCI and the many entrepreneurs who developed the “India Stack” of digital building blocks, believe this is just the beginning. In both size and scope of possibilities, the best is yet to come.
(This story appears in the 30 December, 2022 issue of Forbes India. To visit our Archives, click here.)