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Digital Payments Industry To Hit $500 Billion By 2020 In India



Digital payments industry in India is expected to reach $500 billion by 2020, with over 50 percent of internet users in the country will be using it, according to a latest report by global telecom body GSM Association and Boston Consulting Group.
"BCG projects that more than 50 percent of India’s Internet users will use digital payments by 2020. The number of users accessing internet on mobile is expected to reach 3 billion in 2020, covering 65% of the world’s population" the report by global telecom body GSM Association and Boston Consulting Group.
It noted scope of the Unique Identification Authority of India (UIDAI) system which enables anyone in the country to obtain an electronic and digitally-signed proof of identity. "Almost the entire adult population carry Aadhaar cards that facilitate electronic payments, and the electronic payment industry today encompasses telcos, banks, wallet companies and e-commerce firms," the report said. 


The report counts government's plans to build 100 smart cities across the country and 'Digital India', which aims to increase the optical fibre network to thousands of villages where two-thirds of the population lives.
"The opportunity for expansion of service delivery is huge as the number of connected Internet users in India is expected to more than double in the next few years to as many as 550 million. New users are expected to comprise more older people, rural residents and women," the report said.
Digitisation of payments presents a large opportunity in the Indian context. It is estimated that the total payments conducted via digital payment instruments will be in the range of USD 500 billion by 2020, which is approximately 10X of current levels. Person to Merchant (P2M) transactions driven by digital payments at physical point of sale, followed by Business to Business (B2B) and Peer to Peer (P2P) transactions are expected to be major contributions of growth.


The report was prepared over Boston Consulting Group (BCG) research in six countries — Brazil, China, Germany, India, South Korea and the US.

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