Digital Payment Market By Mode of Payment (Online Payment, Mobile Payment, Contactless Payment, and Peer-to-Peer (P2P) Payment), By Payment Method, By Technology, By Deployment Mode, By Application, By End User - Global Industry Outlook, Key Companies (PayPal, Visa, Mastercard and others), Trends and Forecast 2025-2034

Digital payments refers to any method of making and transferring payments that utilizes digital technology instead of cash or checks. This may involve online transactions through websites or apps, mobile payments using smartphones and QR code payments at stores; all using debit/credit cards, mobile wallets like Apple Pay/Google Pay and online banking services as payment. Digital payment aims to make buying/selling easier, faster and safer than traditional methods.

Over the past several years, digital payments have seen exponential growth due to smartphones and Internet access worldwide. More people are shopping online, paying bills digitally and using mobile applications to manage their money. COVID-19 pandemic also played an influential role by encouraging both businesses and customers alike to avoid physical cash payments in favor of contactless payment options which helped speed up adoption of digital payment systems.

Government support for digital payments has also played a pivotal role in driving its development. Many countries have established rules and infrastructure to encourage cashless transactions - programs such as India's "Digital India" or European Union digital finance initiatives are examples. Such initiatives aim to expand financial access for people outside traditional bank structures while making economies more transparent and efficient.

Today's digital payment industry is witnessing multiple trends that are changing its structure. One is the popularity of mobile wallets that enable people to pay with just their phone; another is using biometric features such as fingerprint and facial recognition for more secure payments; there is also growing interest in using blockchain or digital currencies for payments that could change how transactions are processed in the future.

Recent events demonstrate how quickly this industry is evolving. Major tech players like Apple, Google, and Amazon have entered the digital payment space with innovative services and payment systems; traditional banks have upgraded their systems accordingly; mergers and partnerships among payment companies have increased as the industry becomes more connected and competitive.

The US Digital Payment Market

The US Digital Payment Market size is projected to reach USD 7.5 billion in 2025 at a compound annual growth rate of 20.8% over its forecast period.

US plays a major role in the digital payment market due to its advanced financial infrastructure, widespread smartphone usage, and strong consumer demand for fast and secure transactions. Digital wallets, online banking, and contactless payment options are widely used across the country, both in physical stores and online platforms. The growth of e-commerce and digital services has further pushed the need for convenient and flexible payment methods. 

US-based fintech companies and financial institutions are continuously innovating to provide seamless payment solutions. Government support and clear regulations also contribute to the safe adoption of digital payments. With increasing awareness and trust in digital tools, US continues to be a leader in shaping the future of global digital payment trends.

Europe Digital Payment Market

Europe Digital Payment Market size is projected to reach USD 30.9 billion in 2025 at a compound annual growth rate of 15.8% over its forecast period.

Europe holds a strong position in the digital payment market, driven by a mature banking sector, widespread internet access, and a growing shift towards cashless transactions. Countries across the region are embracing contactless payments, mobile wallets, and digital banking services for everyday purchases and bill payments. 

The introduction of the Revised Payment Services Directive (PSD2) has encouraged open banking and increased competition among service providers, boosting innovation and customer-focused solutions. Consumers in Europe value speed, security, and convenience, leading to high adoption of digital payment methods. Cross-border e-commerce and travel also fuel demand for seamless digital transactions.

Japan Digital Payment Market

Japan Digital Payment Market size is projected to reach USD 7.0 billion in 2025 at a compound annual growth rate of 9.8% over its forecast period.

Japan plays an important role in the digital payment market, blending its strong technological foundation with a growing push toward cashless society. While traditionally reliant on cash, the country has seen rapid growth in digital payment adoption due to government initiatives, smartphone penetration, and the expansion of QR code-based and contactless payment systems. Public campaigns and incentives have encouraged both consumers and merchants to use digital platforms for everyday transactions. 

Major retailers, transit systems, and service providers now widely accept digital payments, improving convenience across sectors. Japan’s commitment to innovation and efficiency, along with efforts to modernize financial services, positions it as a key player in the regional and global shift toward digital transactions and reduced reliance on physical currency.

Digital Payment Market: Key Takeaways

• Market Growth: The Digital Payment Market size is expected to grow by USD 684.4 billion, at a CAGR of 22.2%, during the forecasted period of 2026 to 2034.
• By Technology: The NFC segment is anticipated to get the majority share of the Digital Payment Market in 2025.
• By Deployment: The cloud-based segment is expected to get the largest revenue share in 2025 in the Digital Payment Market.
• Regional Insight: Asia Pacific is expected to hold a 41.3% share of revenue in the Global Digital Payment Market in 2025.
• Use Cases: Some of the use cases of digital payment include e-commerce transactions, peer-to-peer money transfer, and more.

Digital Payment Market: Use Cases

• E-Commerce Transactions: Digital payments enable customers to quickly shop online using credit/debit/wallets/net banking payments and pay instantly using cards, wallets or net banking - speeding up the checkout process while helping sellers receive funds faster while also reducing errors and creating an improved shopping experience for customers.
• Bill Payments and Recharges: People can now easily pay utility bills like electricity, water, or internet through digital payment apps that save them both time and effort by eliminating queues at offices as well as late fees through scheduled payments and reminders.
• In-Store Contactless Payments: Customers can pay with their phones or smartwatches by either scanning a QR code or tapping on a terminal, making payments quick, safe and hygienic; especially after COVID-19 enforcement measures were put into effect; it also removes the need to physically handle cash or cards for payment purposes.
• Peer-to-Peer Money Transfers: Digital platforms enable users to instantly transfer funds between friends or family instantly - perfect for splitting bills, gifting money, or repaying loans without ever visiting a bank branch!

Stats & Facts

• As per the Department of Financial Services India, digital payment transactions have seen a huge rise from 2,071 crore in FY 2017-18 to 18,592 crore in FY 2023-24, growing at a CAGR of 44%. This surge highlights the massive shift in consumer and business payment behavior towards digital platforms across India.
• According to Mega Comp, India recorded 208.5 billion digital payment transactions in 2024, underscoring the country's rapid digital transformation. The Unified Payments Interface (UPI) alone contributed to 83% of the total digital transaction volume in the same year, showing its dominance in the market.
• As per the Ministry of Finance India, UPI transactions grew from 92 crore in FY 2017-18 to 13,116 crore in FY 2023-24, with a remarkable CAGR of 129%. In terms of value, UPI moved from ₹1 lakh crore to ₹200 lakh crore over the same period, growing at a CAGR of 138%.
• Mega Comp notes that in 2024, India handled around 49% of all real-time digital payment transactions globally, which illustrates its leadership position in instant digital payments and its influence on the global payment ecosystem.
• The Department of Financial Services India reports that digital payments infrastructure in India expanded from 0.31 crore in FY 2017-18 to 36.14 crore acceptance points by March 31, 2024. This reflects a coordinated effort by stakeholders to build a robust digital payment framework across the country.
• As per Mega Comp, over 2 billion people worldwide were using digital wallets in 2024, which marks a 10% increase from the previous year. These wallets now make up 50% of global e-commerce transactions, indicating their growing importance in online consumer behavior.
• According to Mega Comp, contactless payments made up 40% of all in-store transactions in 2024. This trend shows a rising preference for faster, tap-based payments that are both secure and convenient for consumers.
• The Ministry of Finance India highlights that UPI is currently live in seven countries, including Singapore, UAE, France, and Sri Lanka. This international reach shows India’s growing role in global digital finance through its homegrown platforms.
• Mega Comp stated that mobile payments accounted for 30% of all digital payment transactions globally in 2024, signaling a strong move toward mobile-first solutions, especially in emerging markets and tech-savvy regions.
• According to the Department of Financial Services India, digital payments in India have surged dramatically since FY 2013-14, rising from 220 crore transactions to 18,592 crore in FY 2023-24, with the transaction value jumping from ₹952 lakh crore to ₹3,658 lakh crore.
• As per Mega Comp, in 2023, global losses due to digital payment fraud reached $32 billion, showing the urgent need for advanced cybersecurity and regulatory measures in digital financial services worldwide.
• The Ministry of Finance India shared that monthly digital payment volumes in 2024 were consistently high, with peaks like ₹476 lakh crore in May and ₹443 lakh crore in July, indicating the growing reliance on digital platforms for everyday and large-scale transactions.

Market Dynamic

Driving Factors in the Digital Payment Market

Widespread Smartphone and Internet Penetration
A primary driver of digital payment market growth is its exponentially increasing smartphone usage and Internet access. As more people use smartphones and mobile apps daily, accessing digital wallets, banking apps, and payment platforms has become easier for them. High-speed internet provides swift transactions even in remote areas. 

This trend is mainly prevalent in developing regions where mobile devices are the primary way people access the Internet. Thanks to more affordable smartphones and data plans, digital payment options are reaching more users; users are becoming more comfortable using digital money than before - driving cashless transactions forward.

Government Initiatives and Financial Inclusion
Governments around the globe are taking proactive steps to promote digital payments via policies, programs, and infrastructure developments that support them. By adopting cashless economies, countries aim to increase financial transparency and lower corruption while making services more efficient. Many are investing in secure digital platforms along with offering incentives such as cashback or discounts for using digital payments. 

They are also working to bring banking services to rural and underserved areas via digital tools, helping more people open bank accounts, receive direct benefit transfers and gain access to credit easily. As digital infrastructure improves, trust in digital payments increases - government actions play an instrumental role in driving adoption and supporting long-term growth in this space.

Restraints in the Digital Payment Market

Cybersecurity Risks and Fraud Concerns
One of the key obstacles facing digital payment markets today is cyberattacks and online fraud. As more money moves digitally, hackers exploit weaknesses in payment systems, apps, and user accounts by exploiting vulnerabilities to launch attacks against them. Phishing scams, identity theft and malware are common threats that can result in financial loss and mistrust among users of digital tools. Many newcomers to digital technologies worry about losing their funds or personal information to these scams and viruses. 

Businesses must invest heavily in security features like encryption, two-factor authentication and fraud detection; however not all can afford such comprehensive protection. When breaches do occur they can significantly damage a brand's image as well as slow user adoption causing hesitation among both consumers and merchants to embrace digital payments fully.

Limitations in Digital Literacy and Infrastructure Gaps
Lack of digital literacy often acts as an impediment to digital payments in rural or low-income areas. Without experience using smartphones or banking apps, individuals may find it hard to trust or utilize digital methods of payment. Poor internet connectivity or insufficient electricity availability can make online transactions challenging, further restricting people's access to digital services while encouraging them to prefer cash payments over digital options. Even with efforts to educate users and expand networks, progress remains uneven across regions. Language barriers and complex app interfaces prevent non-tech-savvy individuals from joining digital payment systems - leading to slow market expansion overall.

Opportunities in the Digital Payment Market

Expanding Mobile Wallet Usage
The growing use of mobile wallets presents a major opportunity in the digital payment market. With smartphones becoming an essential part of everyday life, mobile wallets like digital versions of credit/debit cards and peer-to-peer payment platforms are gaining traction. These wallets not only enable easy, contactless payments but also offer additional features such as loyalty programs, reward points, and budget tracking tools. 

Mobile wallets are especially attractive in markets where traditional banking services are limited. By offering fast, secure, and simple payment methods, mobile wallets can reach a wide range of customers, from tech-savvy millennials to underserved populations. This expansion could drive further growth in digital payments, particularly in emerging markets.

Integration of Digital Currencies and Blockchain Technology
Another significant opportunity in the digital payment market lies in the integration of digital currencies and blockchain technology. Blockchain offers a decentralized, transparent, and secure method for processing payments, reducing the reliance on intermediaries like banks. Cryptocurrencies, such as Bitcoin and Ethereum, are becoming increasingly accepted for digital transactions, attracting both businesses and consumers looking for alternative payment methods. 

The rise of central bank digital currencies (CBDCs) also offers the potential to create safer, government-backed digital currencies. These innovations can lead to faster, more cost-effective transactions, especially for cross-border payments, opening new avenues for businesses and individuals worldwide. As regulatory frameworks evolve, this could become a key driver for digital payment market growth.

Trends in the Digital Payment Market

Rise of Contactless Payments

A recent trend in the digital payment market is the widespread adoption of contactless payments. This technology allows consumers to make quick transactions by simply tapping their card, smartphone, or smartwatch on a point-of-sale terminal. The appeal of contactless payments has surged due to their convenience, speed, and hygiene benefits, particularly during the COVID-19 pandemic when consumers sought to minimize physical contact. With increasing consumer confidence in the security of these transactions, more businesses, including small retailers, are integrating contactless payment options. 

This trend is expected to continue growing, as both consumers and merchants look for efficient and safe alternatives to cash and traditional card payments, further pushing the digital payment ecosystem forward.

Another key trend shaping the digital payment market is the integration of artificial intelligence (AI) in fraud detection and prevention. As digital payments become more common, the risk of fraudulent transactions increases. AI is being used to analyze transaction patterns, detect anomalies, and prevent fraud in real-time. 

Machine learning algorithms can adapt and improve over time, enhancing the accuracy of fraud detection systems. This helps businesses and financial institutions reduce chargebacks, improve security, and build consumer trust. As AI technology continues to advance, it will become even more essential in ensuring secure and reliable digital payment systems, driving greater consumer and business adoption.

Research Scope and Analysis

By Mode of Payment Analysis

Online payment is leading the digital payment market in 2025 with a share of 39.9%, playing a major role in shaping how people and businesses complete transactions. The rise in e-commerce, mobile shopping, and digital banking has made online payments more common and convenient. Users prefer paying through secure gateways, internet banking, or digital wallets when shopping on websites and apps. It allows for quick, smooth, and paperless transactions anytime, anywhere. 

The growing trust in digital security and the ease of tracking payments are also driving more users to choose this method. As more retailers and service providers shift to digital platforms, online payment continues to support the expansion of cashless economies and boosts the overall digital payment ecosystem by meeting the fast-paced lifestyle and needs of modern consumers.

Contactless payment is having significant growth over the forecast period, making it one of the fastest-growing modes in the digital payment market. This method allows users to tap their card, phone, or wearable device on a terminal to complete a transaction within seconds. It offers speed, safety, and convenience, especially in busy stores or transport systems. Contactless options have gained strong demand after the pandemic due to their hygienic, touch-free nature. 

More merchants are upgrading to accept this method, and users enjoy the hassle-free experience without needing to swipe or enter PINs for small purchases. The rise in NFC-enabled devices, mobile wallets, and QR code scanning is further encouraging contactless payment growth, especially among younger consumers and in urban areas.

By Payment Method Analysis

Credit cards are leading the digital payment market in 2025 with a share of 31.2%, highlighting their strong role in driving market growth. Many consumers prefer credit cards for their ease of use, reward programs, and ability to manage short-term finances. They are widely accepted across online platforms, retail stores, and service providers, making them a flexible option for digital transactions. Features like fraud protection, purchase tracking, and cashback make credit cards attractive for both everyday spending and big-ticket items. With the rise of e-commerce, many shoppers rely on saved card details for quick checkouts. Credit cards are also being integrated into mobile wallets and contactless systems, further increasing their use. 

As digital habits grow, credit cards remain a trusted and widely used method that supports the shift toward a more cashless and connected payment environment. Bank transfer is having significant growth over the forecast period and is becoming a key payment method in the digital payment market. It is especially popular for large payments, recurring bills, and business transactions. 

Many users trust direct transfers for their safety, traceability, and direct link with their bank accounts. Real-time payment systems and instant fund transfers are making this method more convenient and faster than before. Online banking apps and digital interfaces have improved, encouraging more people to complete transactions directly through bank platforms. 

Businesses and service providers are also offering easy-to-use bank transfer options at checkout. As digital infrastructure expands and user confidence increases, bank transfers are playing a stronger role in supporting the growth of secure, paperless financial systems.

By Technology Analysis

Near Field Communication (NFC) is leading the digital payment market in 2025 with a share of 38.7%, playing a major role in advancing contactless transactions. This short-range wireless technology allows users to make quick payments by simply tapping their phone, smart card, or wearable on a payment terminal. It offers a seamless, secure, and convenient experience for both users and merchants, reducing the need to handle cash or insert cards. 

NFC is widely used in mobile wallets and smart devices, making it popular among tech-savvy consumers. Its speed and reliability are ideal for busy environments like transport systems, retail stores, and events. As digital payment habits continue to evolve, NFC technology supports the shift to touch-free, real-time transactions. Its strong adoption is helping to drive the overall growth of the digital payment ecosystem in both developed and emerging markets.

Magnetic stripe cards are having significant growth over the forecast period, maintaining their place as a familiar and widely used payment technology. These cards store data on a magnetic stripe that can be swiped through a reader to process transactions. While newer technologies like EMV chips and NFC are gaining ground, many users and businesses still rely on magnetic stripe cards due to their simplicity and widespread acceptance. 

They are especially useful in areas with older payment infrastructure where advanced terminals may not yet be available. Magnetic stripe cards remain a dependable option for basic card transactions, especially in small retail shops and local businesses. With continued use and support in many regions, this technology continues to contribute to the growth of digital payment systems while gradually coexisting with modern alternatives.

By Deployment Mode Analysis

Cloud-based deployment is leading the digital payment market in 2025 with a share of 57.7%, offering a powerful foundation for fast, flexible, and secure transactions. It allows businesses to manage payment operations from anywhere without needing heavy physical infrastructure. With cloud platforms, payment systems can scale easily during peak demand, ensuring smooth service. This setup also supports real-time processing, data backups, and updates, helping reduce downtime and improve efficiency. 

Cloud-based solutions are cost-effective and ideal for small and large businesses alike. They also support integration with AI, analytics, and fraud detection tools, enhancing the overall digital experience. As more businesses go digital, cloud-based deployment provides the agility and speed needed to meet customer expectations and keep up with the growing demand for secure and convenient digital payment solutions across various industries.

On-premise deployment is having significant growth over the forecast period, especially among organizations that prioritize full control over their digital payment systems. This model allows businesses to host payment software and data within their own physical servers, offering more direct oversight and security. It is a preferred choice for institutions with strict compliance, data privacy needs, or customized software requirements. 

While it may involve higher setup and maintenance costs compared to cloud-based options, on-premise deployment provides stability and consistent performance. It’s commonly used by banks, large retailers, and enterprises that already have robust IT infrastructure in place. As digital transactions rise, many firms continue investing in on-premise setups to maintain control, ensure data protection, and support seamless digital payment operations tailored to their internal processes.

By Application Analysis

Retail is leading the digital payment market in 2025 with a share of 36.4%, showing its strong connection to the growing demand for fast and secure transaction options. As more consumers shop both online and in physical stores, retailers are adopting digital payment methods like mobile wallets, QR codes, and contactless cards to enhance the buying experience. These payment solutions speed up checkout, reduce cash handling, and support loyalty programs, making them a favorite for both customers and businesses. 

Retailers benefit from faster sales processing, better customer satisfaction, and reduced operational costs. With increasing competition and digital transformation in the retail sector, seamless payment systems have become essential. Digital payments also help in collecting valuable customer data, allowing businesses to understand shopping habits and improve services. This makes retail a key driver in the expansion of the digital payment market.

Bill payments are having significant growth over the forecast period, making them a vital application in the digital payment market. With more people choosing to pay their utility, internet, insurance, and other recurring bills online, digital platforms have made this process easier and quicker. Users can pay directly from their smartphones or computers using mobile apps, bank portals, or digital wallets. 

Features like auto-pay, reminders, and real-time confirmation add convenience and reduce the chances of missed or late payments. Service providers are also encouraging digital payments by offering discounts or cashback, pushing more users to switch from traditional methods. As more people rely on digital services in daily life, bill payments continue to be a strong force driving the adoption and growth of the digital payment ecosystem.

By End User Analysis

Consumer is leading the digital payment market in 2025 with a share of 48.9%, playing the most active role in driving its widespread growth. With smartphones and internet access becoming common, more consumers are using digital wallets, online banking, and contactless cards for daily spending. They enjoy the speed, convenience, and security of digital payment methods, especially for online shopping, food delivery, travel bookings, and in-store purchases. Features like cashback offers, reward points, and easy tracking of expenses also attract users. 

Consumers now expect seamless payment options at every touchpoint, from local shops to global websites. As lifestyles become more digital, their demand for fast and secure transactions continues to rise. This strong and growing preference from consumers is pushing businesses, service providers, and governments to adopt and improve digital payment infrastructure across all sectors.

Financial institutions are having significant growth over the forecast period as key end users in the digital payment market. Banks and credit unions are upgrading their systems to offer secure, real-time digital transactions through online banking, mobile apps, and virtual cards. These institutions are investing in advanced technologies like AI and blockchain to improve fraud detection and transaction speed. 

They play a major role in building trust and driving adoption by ensuring data privacy, compliance, and smooth customer experience. Many are also partnering with fintech companies to launch new payment solutions and digital tools. As customer demand grows for convenient financial services, financial institutions are modernizing their operations and expanding digital payment offerings. This ongoing shift is helping strengthen the digital economy and support the rising need for cashless and efficient banking experiences.

The Digital Payment Market Report is segmented on the basis of the following:

By Mode of Payment

• Online Payment
• Mobile Payment
• Contactless Payment
• Peer-to-Peer (P2P) Payment

By Payment Method

• Credit Cards
• Debit Cards
• E-Wallets
• Bank Transfers
• Cryptocurrency

By Technology

• Near Field Communication (NFC)
• QR Code
• Magnetic Stripe Cards
• EMV Chip Cards

By Deployment Mode

• Cloud-based
• On-Premises

By Application

• Retail
• E-Commerce
• Bill Payments
• Remittances

By End User

• Consumer
• Merchant
• Financial Institution
• Government

Regional Analysis

Leading Region in the Digital Payment Market

Asia Pacific will be leading the digital payment market in 2025 with a share of 41.3%, showing its strong role in the industry’s growth. This region is home to some of the world’s largest populations, where smartphone and internet use is growing fast. Countries across Asia Pacific are seeing more people using mobile wallets, online banking, and QR code payments for everyday transactions. Government support, rising e-commerce activity, and the popularity of contactless payments are helping push digital payment methods forward. 

Many people in the region now prefer digital over cash for convenience and speed. Fintech startups and financial institutions are also playing a key role by launching easy-to-use apps and services. With better access to technology and financial tools, even rural and small-town users are adopting digital ways to pay. The Asia Pacific region continues to create new opportunities in digital finance, making it a central force in the global move toward a cashless economy.

Middle East and Africa (MEA) is showing significant growth in the digital payment market over the forecast period, driven by increasing smartphone use, better internet access, and a young, tech-savvy population. Many countries in the region are pushing for financial inclusion and investing in digital infrastructure to support mobile banking and electronic payment systems. 

Governments and central banks are promoting cashless initiatives to improve transparency and efficiency. Fintech solutions, mobile wallets, and digital banking services are gaining popularity, especially in urban areas. As more businesses and consumers shift to digital transactions in 2025, MEA is becoming an important region for digital payment adoption and innovation.

By Region

North America

• The U.S.
• Canada

Europe

• Germany
• The U.K.
• France
• Italy
• Russia
• Spain
• Benelux
• Nordic
• Rest of Europe

Asia-Pacific

• China
• Japan
• South Korea
• India
• ANZ
• ASEAN
• Rest of Asia-Pacific

Latin America

• Brazil
• Mexico
• Argentina
• Colombia
• Rest of Latin America

Middle East & Africa

• Saudi Arabia
• UAE
• South Africa
• Israel
• Egypt
• Rest of MEA

Competitive Landscape

The digital payment market is highly competitive and growing quickly, attracting players of various kinds - mobile payment apps, banks, fintech startups and technology platforms all compete to offer faster, safer and more convenient ways of paying. Not only do providers compete to offer services; each player vying to give the best user experience possible with strong security and widest reach - instant transfers, rewards programs and easy integration are being introduced as ways to draw new users in. Partnerships, innovation and meeting user needs remain key factors to remain ahead in this fast-growing industry.

• Paypal
• Visa
• Mastercard
• Google Pay
• Amazon Pay
• Alipay
• Apple Pay
• Venmo
• Finastra
• GoCardless
• ZipPay
• Payza
• Zebit
• Vymo
• Doku
• BillDesk
• Revolut
• Stripe
• Other Key Players

Recent Developments

• In April 2025, Kerala has rolled out digital payment systems in 313 government hospitals, enabling service fee payments via credit/debit cards and UPI platforms like Google Pay and PhonePe. Health Minister Veena George stated the initiative, launched in collaboration with the Information Kerala Mission, aims to cover all state hospitals within a month. This move streamlines transactions and enhances accessibility across health centres under the Department of Local Self-Government.
• In February 2025, The RBI announced a 25-bps cut in the repo rate, offering relief to borrowers amid expectations of lower lending rates. The impact now hinges on banks’ response and the speed at which benefits are passed to consumers. Alongside the rate cut, key regulatory measures were introduced to bolster the digital payments ecosystem and curb cyber frauds, aiming to enhance the overall stability and security of the banking sector.
• In February 2025, Google Pay is set to launch an AI-powered voice payment feature in India, enabling UPI transactions via voice commands in users' preferred languages. Developed in collaboration with the Bhashini AI project, the feature aims to enhance digital payment accessibility for users with limited literacy. By integrating speech recognition technology, this move is expected to simplify the payment process and promote financial inclusivity in one of the world’s fastest-growing digital payments markets.
• In August 2024, Visa (NYSE: V) introduced a suite of innovative payment products and solutions at the Global Fintech Fest 2024, aimed at accelerating digital payment adoption in India. Developed in partnership with various stakeholders, the offerings focus on simplifying payment processes, boosting transaction security, and improving customer experience. The initiative underscores Visa’s commitment to supporting India’s digital economy and enhancing the efficiency of financial transactions across the country.