Saturday, Apr 20 2024 | Time 21:39 Hrs(IST)
image
Business EconomyPosted at: Jul 23 2020 7:55PM


India to contribute 2.2 pc of world’s digital payment market by 2023: Report

New Delhi, Jul 23 (UNI) ­With global transaction value for digital payments expected to reach USD 12.4 trillion by 2025, India is expected to contribute around 2.2 per cent of the world’s digital payment market by 2023 alone, according to a report jointly by the Payments Council of India (PCI) and PWC on Thursday.
The ‘Empowering payments: Digital India on the path of revolution' report - a comprehensive study on the digital payments industry was released at the Virtual Global Fintech Fest (GFF) 2020.
One of the key findings of the report is how the COVID-19 pandemic has presented a massive opportunity for the digital payments industry to flourish.
Showcasing the grandeur of the India story, the report highlights how UPI, Bharat QR and mobile wallets have ensured last-mile connectivity, covering small merchants, tea-sellers and even hawkers.
Underlining UPI, among the largest real-time payment systems in the world, the report estimates the home-grown platform to reach nearly around 59 bn in volume by 2023 owing to its high P2P type of transaction penetration.
Clocking over 1bn transactions every month, the platform has witnessed a CAGR of around 785 per cent in volume and around 570 per cent in terms of value from financial year (FY) 2017 to FY 2020.
The report states that - India is one of the fastest growing countries in the world, showing rapid progression in transformation of digital payments, largely due to its large population and demographics. It has been attracting significant investments from private equity or venture capital firms and other international payment companies that want to enter India in the near future.
Among other top-rung digital products in the country, it stated - Bharat QR and Bharat Interface for Money (BHIM) QR, has also gained significant traction in the Indian market. Bharat bill payment system (BBPS) has shown remarkable growth with a CAGR of around 1,590 per cent in volume and around 1,650 per cent in value from FY 2017 to FY 2020.
Aadhaar Enabled Payment System (AePS) on the other hand has been a game-changer for the government in fulfilling its goal of financial inclusion, and its adoption will only continue to grow in the coming years, the report said.
The platform witnessed growth of around 253 per cent in volume and around 264 per cent in value and is expected to clock transactions worth 2467 mn and 7289 mn in volume and value respectively by FY23.
More UNI RSA SB 1954
Please log in to get detailed story.
Tags: #India to contribute 2.2 pc of world’s digital payment market by 2023: Report
More News
HDFC Bank net up 37% in Q4; company recommends dividend of Rs 19 50 per share

HDFC Bank net up 37% in Q4; company recommends dividend of Rs 19 50 per share

20 Apr 2024 | 5:36 PM

New Delhi, Apr 20 (UNI) India’s largest private sector bank HDFC Bank on Saturday announced a jump of 37.1 per cent in net profit at Rs 16,511.85 crore for fourth quarter (January-March) of FY2023-24.

see more..

Kottayam-Kochi Rubber Market Rates

20 Apr 2024 | 4:46 PM

Kottayam, Apr 20 (UNI) Following were the Rubber Market rates announced by the Rubber Board here on Saturday per quintal.

see more..
ICICI Bank strengthens support for senior citizens in Bengal

ICICI Bank strengthens support for senior citizens in Bengal

20 Apr 2024 | 1:29 PM

Kolkata, April 20 (UNI) The ICICI Bank has announced a range of initiatives to make banking more convenient to its senior citizen customers in West Bengal.

see more..

IREDA nets all-time high at Rs 1,252 23 cr in FY24

19 Apr 2024 | 8:38 PM

New Delhi, April 19 (UNI) Indian Renewable Energy Development Agency Ltd. (IREDA), the nation's largest pure-play green financing NBFC, Friday announced an all-time high net profit of Rs. 1,252.23 crore in 2023-24, a 44.83 per cent jump over the previous fiscal year 2022-23.

see more..

"CSIR-IICT and BHEL partners to advance clean fuel technology: MoU signed on CO2 to DME"

19 Apr 2024 | 7:23 PM

Hyderabad, April 19 (UNI) The Council of Scientific and Industrial Research-Indian Institute of Chemical Technology (CSIR-IICT) and Bharat Heavy Electricals Limited (BHEL) Corporate R&D have forged a partnership to develop technology for capturing and converting carbon dioxide (CO2) to Dimethyl Ether (DME) through direct catalytic conversion.

see more..
image