Skip to main content

Indian Digital Payments Market to Reach $500 Billion by 2020: Google



Indian Digital Payments Market to Reach $500 Billion by 2020: Google
Digital payments market size in the country is expected to touch $500 billion (roughly Rs. 33,63,762 crores) by 2020, accounting for about 15 percent of gross domestic product (GDP), a report said on Monday.
The 'Digital Payments 2020' report, jointly published by Google and Boston Consulting Group, projects that non-cash contribution in the consumer payments segment will double to 40 percent.
"The smartphone explosion will usher in a new era in digital payments in India over the next few years that will see digital payments exceed $500 billion by 2020 and non-cash transactions exceed cash transactions by 2023," said Alpesh Shah, Senior Partner and MD, Boston Consulting Group.
He also said contribution of digital payments would be 15 percent to the country's GDP.
The report notes that 81 percent of existing digital payment users prefer it to any other non-cash payment methods. "It is telling that half of India's Internet users will use digital payments and that the top 100 million users will drive 70 percent of the gross merchandise value," Rajan Anandan, VP South East  Asia and India, Google, said.
Online shopping, payment of utility bills and buying movie tickets have emerged as the top three user activities.
The report also said 90 percent of Indian consumers are likely to use digital payments for both online and offline points of sale such as unorganised retail, eateries and transport.
Micro-transactions will form a substantial portion of the industry with over 50 percent of person-to-merchant transactions expected to be under Rs. 100, the report added.
The value of remittances and money transfer that will pass through alternative digital payment instruments will double to 30 percent by 2020, it said.

Comments

Post a Comment

Popular posts from this blog

Hello Moto: A Look Back at Six Classic Moto Phones

  12 December 2016 HIGHLIGHTS Motorola was the first company to ship a cellphone Its biggest hit was the Moto RAZR V3 Today, Motorola is a part of Chinese electronics giant Lenovo Recently, we relived the past with Nokia’s most memorable phones of all time. Although there may be a lot of fanboys and fangirls of the Finnish brand, many have equally strong feelings for the daddy of all mobile phone brands - Motorola. Its name will forever be etched in history as the  first company  to sell a mobile phone - the DyanTAC 8000X - in 1983. Since then, Motorola has been an easily identifiable brand to almost everybody in the world. Its designs were often strikingly unique and at the same time, Motorola phones often gave out a vibe that these devices mean business. Today, we’ve handpicked some of the most memorable Motorola phones we’ve come across. Here are our picks for the six most memorable Motorola phones of all time. 1) Motorola ...
Post a Comment
Read more

Nokia 6.1 Gets a Price Cut in India Ahead of Next Week's Nokia 6.1 Plus Launch

  Dated: 18 August 2018   HMD Global is selling the Nokia 6.1 at a reduced price in India via its official site Highlights Nokia 6.1 seen to get up to a Rs. 1,500 price cut 3GB RAM variant is priced at Rs. 15,499 & the 4GB model costs Rs. 17,499 Nokia 6.1 Plus has been spotted online ahead of its launch Nokia 6.1 Plus is expected to be unveiled in India on August 21 and ahead of the launch, Nokia licensee HMD Global has dropped the price in India of the Nokia 6.1 or Nokia 6 (2018). Launched in India in April, the Nokia 6.1 was globally unveiled at MWC 2018 in February, but had first been launched in China in January. Later in May, HMD Global had launched another variant of the smartphone. Now, both the variants have received up to a Rs. 1,500 price cut in India. Meanwhile, Nokia 6.1 Plus, the global variant of Nokia X6 that was launched in China in May, has now surfaced online with that name. ...
Post a Comment
Read more

Google Pixel Phone Users Complain of Audio Distortion Issues at High Volumes

  20 December 2016 HIGHLIGHTS Several users have reported the problem with the Pixel smartphones Some users are saying that the issue is independent of output source Issue seemingly present on both Pixel and Pixel XL smartphones Since their launch, Google's Pixel smartphones have been able to win over many critics as well as consumers with their camera performance, clean user interface, and Google Assistant. However, they haven't been without their share of problems. Now, some users are reporting a flaw on the smartphones that might not sit well with the search giant. Users are reportedly experiencing audio distortion issues with the Pixel phones when listening to media files at high volumes. A Pixel user with user name 'badmark' complained on a  Reddit thread  that his fourth Pixel XL replacement as well as his wife's standard Pixel phone have presented static distortion at three highest levels of volumes, ...
Post a Comment
Read more