New Delhi, Dec. 3 -- Digital payments in India are likely to witness robust growth over the next 5 years at a compound annual growth rate (CAGR) of 52%, according to the draft red herring prospectus of SBI Card. From FY14 to FY19 digital payments transactions, in terms of volume, grew at a 49% CAGR.

According to CRISIL Research, digital payments in India, in terms of value, is expected to more than double to Rs.4,055.0 trillion in FY24 from Rs. 1,630.0 trillion in FY19, translating into a five-year CAGR of 20%. Here's a look at the key factors that are driving India's digital growth story:

Government initiatives:Regulatory initiatives including financial inclusion, Aadhaar, and the unveiling of the Unified Payments Interface have spurre...