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Digital payments in India seen touching $500 billion by 2020


India is headed for an exponential increase in digital payments over the next four years, according to a new study by Google (Alphabet Inc.) and Boston Consulting Group released on Monday.

The digital payments industry in Asia’s third-largest economy will grow by 10 times to touch $500 billion by 2020 and contribute 15% of gross domestic product (GDP), the report predicted.

Ever-increasing penetration of smartphones, the entry of several non-banking institutions offering payment services, consumer readiness to adopt digital payments, progressive changes in the regulatory framework will power the trend, it said.

For more on this story visit the following link: Digital payments in India seen touching $500 billion by 2020

Source: Live Mint

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