Abstract:
In India, GDP is increasing to catch the figure of 5 trillion surely by 2025 as predicted since the consumption spending as a major part of GDP gets pushed upwards by the digital payment. The three units, Government of India, Reserve Bank of India and National Payment Corporation of India (NPCI) have been working in tandem with each other to develop a strong digital payment network that meets the real time payment needs of the people and Unified Payment Interface (UPI) has become that mechanism which boosts the acceptance of online payment in India. UPI has brought about such a boom in online payment trend during last 5 years that has created a macro-economically favourable condition for the Indian economy to reach its ambition. The present descriptive study uses different macroeconomic facts which show that half of consumption is to be made by online mode and consumption expenditure acquires 71% of GDP in 2022. UPI as most preferred online payment mode has captured 30% of value of GDP in India in 2021. Online payment has been capturing major portion of consumption leading to growth of GDP.
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