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Digital payments to more than double to $135.2 billion by 2023, says Assocham-PWC study

June 18, 2019
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According to a recent study by Assocham-PWC India, digital payments in the country are expected to more than double from $64.8 billion at present to $135.2 billion by 2023.

The study also illustrates India’s share of worldwide transaction value of digital payments is set to increase from 1.56 per cent to 2.02 per cent by that time.

According to the study, the key growth driver for digital payments in India would be inter-operability between the pre-paid instrument (PPI) players, whose number has reached almost 50.

Moreover, factors like demonetisation and discounts on mobile wallets and UPI transactions and their successes with regulatory efforts and funding from a diverse set of domestic and international stakeholders have recently been catalysing the digital landscape.

The advent of digital commerce, use of artificial intelligence (AI) in payments technology, blockchain, the internet of things (IoT), real-time payments and the introduction of mobile point of sale (POS) devices have also chipped in for growth.

However, the digital payments industry needs to address challenges such as low margins due to a cashback-driven culture, process inefficiencies like know your customer (KYC) bottlenecks and cyber security threats.

 

 
 
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