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Indian digital payments market to hit $500bn by 2020 – Google


India is set for a digital payments revolution, with the value of transactions set to hit US$500 billion by 2020, ten times its current level, according to research from Google and the Boston Consulting Group (BCG).

The Indian government has made the migration from cash to electronic payments a key plank of its strategy to boost financial inclusion, joining the UN-based Better than Cash Alliance, launching a Unified Payments Interface, and relaxing the regulatory environment for new mobile-based financial services providers.

These factors, along with the expected rise in the number of smartphone users to 520 million by 2020, will contribute to a massive increase in digital payments, says the research, which is based partly on data from Nielson.

For more on this story visit the following link: Indian digital payments market to hit $500bn by 2020 – Google
Source: FinExtra

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