Digital payments industry in India grow $500 bn by 2020

By 2020, the size of digital payments industry in India will be $500 billion contributing 15 percent to India’s GDP says ‘Digital Payments 2020‘ report published by Google and Boston Consulting Group (BCG).

Further, by 2020, non-cash contribution in the consumer payments segment will double to 40 percent. Already 81 percent of existing digital payment users prefer it to any other non-cash payment methods. Online, shopping, payment of utility bills and buying movie tickets have emerged as the three top things that a user primarily interacts with.

The report reveals that Indian consumers is likely to use digital payments for both online as well as offline transactions. Over 60 percent of digital payments value will be contributed by offline points of sale such as unorganized retail, eateries, transport etc...Read More