The Indian government's demonetization move in 2016 was a game-changer for the financial services industry. It accelerated the adoption of digital payments, and today, India is one of the fastest-growing digital payments markets in the world. According to a report by Google and PayNet, digital payments in India are expected to reach $1 trillion by 2023. Financial institutions are now investing heavily in digital payment infrastructure, including mobile wallets, UPI, and internet banking.
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