Skip to main content

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.

Read On :  WordPress / UCNews

Labels:

Comments

Post a Comment

Popular posts from this blog

Google will release a Pixel 2 smartphone this year

Google is keeping information to a premium, its typical development cycle suggests a Pixel 2 will go on sale in the fourth quarter . The current Pixel launched in October 2016 and Google has held launch events at around the same time for Nexus phones in the past. Google 's head of hardware Rick Osterloh talked about the Pixel and its future. The former Motorola exec revealed that Google has some sort of problem with Pixel and Pixel XL manufacturing right now. There are too few devices to meet demand, and some kind of supply bottleneck preventing the company it from fixing it. It's unclear what exactly is causing these manufacturing issues. As for the Pixel 2 , Osterloh would not confirm a release date, but he did imply the next phone should arrive a year after its predecessor . " There is an annual rhythm in the industry. So, you can count on us to follow it, " the Google executive Osterloh told at Mobile World Congress . " You can count ...
Post a Comment
Read more

Samsung Galaxy S8 Leak Shows the Device In Its Full Glory

Samsung' s upcoming flagship the Galaxy S8 is one of the most anticipated smartphones. The Galaxy S8 has been rumored for months now, and leaked details have revealed almost everything there is about the smartphone. At the ongoing MWC 2017 , Samsung revealed that it would launch its next Galaxy flagship smartphone on March 29 . Samsung is also expected to unveil the Galaxy S8+ along with the Galaxy S8. Even as we are inching closer to the official launch of the Galaxy S8, there's just no stopping to its leaks. Evan Blass , professional spoiler of well kept smartphone secrets, is revealing the most-anticipated non-iPhone of 2017, Samsung's Galaxy S8 . His new image reveals a handset that agrees wholeheartedly with Samsung's Mobile World Congress teaser of a device with utterly minimal front bezels . It also features Samsung’'s confirmed date for the launch, March 29th , and gives us a good look at what's presumably going to be the lock screen welcomin...
Post a Comment
Read more

Huawei P10/P10 Plus official countdown page launched

The official unveil of the Huawei P10 and P10 Plus seems a simple formality, as the Chinese company already shared important information about these flagships with the world. But if you can't get enough of Huawei 's teasers, here is another one that's been recently published on the event's official website . A countdown now indicates that there are still 4 days and eight hours until both phones will be unveiled. Huawei P10 and P10 Plus will be announced on February 26 during a press conference, which will be streamed live on YouTube and possibly Facebook. The launch event starts at 14:00 PM CET and it's supposed to end two hours later. The 1-minute video teaser is also the longest Huawei published until now, but we don't get any major information about the phones that we didn't already know. The Chinese company hints once again at a dual-lens camera that will be packed inside both P10 and P10 Plus smartphones. Reports say the flagships wil...
Post a Comment
Read more