STUDY OF THE GROWTH TRAJECTORY OF SELECT DIGITAL PAYMENT PRODUCTS FOR THE MASS MARKET (PAST 5 YEARS)

सार

India's digital payments space has changed dramatically over the past decade, but it is the last five years that have truly redefined how ordinary people transact. The COVID-19 pandemic played an unexpected but undeniable role in pushing even reluctant users toward contactless and cashless modes of payment. Millions of first-time users many from smaller towns and villages suddenly found themselves navigating mobile apps and biometric terminals, often out of necessity rather than choice. This paper attempts to trace the growth journey of four specific digital payment products UPI (Unified Payments Interface), BHIM Aadhaar Pay (BAP), AePS (Aadhaar-enabled Payment System), and RuPay Debit Cards and understand how each has found its footing in the mass market. The study also looks at the broader ecosystem: government push, regulatory support, fintech activity, and public-private collaboration that together created the conditions for this shift. Through transaction data, usage trends, and product-level observations, this paper aims to present a ground-level picture of how digital payments have moved from being an urban convenience to a mass-market reality and what that means for the future of financial inclusion in India.