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Digital Payments in India growing at 12.7 per cent CAGR, says KPMG report

August 30, 2019
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Digital payments in India are growing at a compound annual growth rate (CAGR) of 12.7 per cent for non-cash transactions, according to a report by KPMG.

Further, the report added that India is forecasted to see the fastest growth in the digital payment transaction valuing at a CAGR of 20.2 per cent between 2019-2023, and will be ahead of China and the United States.

The growth is attributed to the revolution in the mobile payment ecosystem in India with growing number of merchants adopting digital payments. From over 1.5 million digital payment acceptance locations in 2016-17, the number of merchants accepting digital payment modes has increased to over 10 million during the past two to three years, the report said. Moreover, QR-code based wallet acceptance points that come with a low set-up cost, have been a key driver in the mass adoption among merchants.

As per the report, the mobile wallet market is expected to expand at a CAGR of nearly 52.2 per cent by volume during 2019-23.

Another factor has been the growing traction of Unified Payments Interface (UPI)-based real-time payments, mobile wallets, Bharat Interface for Money (BHIM), BharatQR and Unstructured Supplementary Service Data (USSD).

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