India snapshotBusiness Insider Intelligence

India’s massive economy has historically been dominated by cash, but the tides are beginning to change as the government leads the way in pushing the world’s second-largest population away from physical currency. A late 2016 demonetization initiative, in which the government removed 86% of the country’s currency from circulation, was the major impetus behind a rapid uptick in digital payments, which are expected to grow at least fivefold to $1 trillion by 2023. But cash still reigns supreme in the market — physical currency comprises 70% of the country’s total transactions by value — and digital wallets have a long runway for growth, with just 14% of Indian consumers making mobile payments on a weekly basis. However, the growing digital payments opportunity, increase in internet access, and a series of government-backed initiatives that expand access to financial services are helping homegrown players expand rapidly and bringing major multinational firms to the region, putting the market still at the beginning of a stretch of ongoing rapid growth and innovation in digital payments. 

<span data-post-image="" [...]