Home / Knowledge / News / Textiles / Digital payments in India to be $500 bn by 2020: Report
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

Interviews View All

Luke Otten, Wigwam Mills Inc

Luke Otten
Wigwam Mills Inc

Wigwam aims to recycle discarded yarn that doesn’t make it through the...

Marazban F Velati, Sutlej Textiles & Industries limited

Marazban F Velati
Sutlej Textiles & Industries limited

No training can be effective till the candidate believes in it.

Manfred Mentges, Sedo Treepoint GmbH

Manfred Mentges
Sedo Treepoint GmbH

We see a higher demand in colour management systems, as customers see big...

Laksheeta Govil,

Laksheeta Govil

Founded in 2014, Fizzy Goblet is a Delhi / NCR based handcrafted leather...

Riddhi Jain,

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Harsh Shah,

Harsh Shah

Fynd is the central online shopping destination for fashion, offering...

Davide Vigano, Sensoria

Davide Vigano

Sensoria is a leading developer of smart garments and IoMe (Internet of...

Paolo Ocleppo, Sandvik Hyperion

Paolo Ocleppo
Sandvik Hyperion

Paolo Ocleppo, Rotary Cutting Segment manager, Sandvik Hyperion discusses...

Sachin Pendharkar, Dieffenbacher India Pvt Ltd

Sachin Pendharkar
Dieffenbacher India Pvt Ltd

Germany-based Dieffenbacher Group is a producer of high-quality composites ...

Sonam & Paras Modi, SVA

Sonam & Paras Modi

Sonam and Paras Modi's Sva Couture is synonymous with head-turning...

Chandani Sahi, By Chandani

Chandani Sahi
By Chandani

By Chandani is a womenswear prêt couture brand with fusion silhouettes by...

Divvya and Nidhhi Gambhir, Walnut

Divvya and Nidhhi Gambhir

<b>Divvya and Nidhhi Gambhir</b> started their career with the launch of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


Letter To Editor

(Max. 8000 char.)

Search Companies


Leave your Comments

November 2019

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

Follow us on instagram


Follow Fibre2Fashion On

Advanced Search