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Digital payments in India to be $500 bn by 2020: Report
Feb '17
The size of the digital payments industry in India is projected to be $500 billion by 2020 as more than 50 per cent of India’s internet users are likely to use digital payments, according to a recent report. It also says that close to 45 per cent of the total retail sales in the country will be influenced by digital technologies by the year 2025.

"BCG projects that more than 50% of India’s internet users will use digital payments by 2020 when the size of digital payments industry in India will be $500 billion," says the 'Embracing the Digital Revolution: Policies for Building the Digital Economy' joint report by GSM Association (GSMA) and Boston Consulting Group (BCG).

The government is considering digital solutions to many problems as internet adoption and use rise in India, according to the report.

The government has also announced plans to build 100 smart cities across the country. The 'Digital India' initiative, launched in 2015, aims to increase the optical fibre network to local governments in thousands of villages where two-thirds of the population lives, it adds.

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, says the GSMA-BCG report. New users are expected to comprise more older people, rural residents and women.

Under the Unique Identification Authority of India (UIDAI) system, anyone can obtain an electronic and digitally-signed proof of identity. The government also seeks to provide each citizen with a 'digital cloud' for storing data related to their electronic identities.

Almost the entire adult population carries Aadhaar cards that facilitate electronic payments, and the electronic payment industry today encompasses telcos, banks, wallet companies and e-commerce firms. (KD)

Fibre2Fashion News Desk – India

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