Thanks to the Indian Government's "Digital India" initiative, Indians were already moving towards digital payment systems even before the Coronavirus pandemic hit. The implementation of the Unified Payment Interface (UPI) by the National Payments Corporation of India has led several Indian banks and other third-party companies to introduce UPI-enabled mobile payment apps allowing users to send and receive money between UPI-linked bank accounts. The payments industry has undergone a massive transformation in recent years. The number of smartphone users in India has now reached 54% of the population and it is estimated to reach 96% in 2040. By 2040, this could become around 1.5 billion users. India has the second-largest internet population with over 749 million users as of 2020, of which 744 million users have internet access through their mobile phones.
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