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New Delhi : The digital payments market In India is expected to grow to US $ 1 trillion by 2023 led by growth in mobile payments, presenting huge business opportunities for players in the digital space. Mobile payments are slated to rise from $ 10 billion in 2017-18 to $ 190 billion by 2023.
These estimates are based on a study of Credit Suisse and have been mentioned in a booklet titled ‘Digital Payment: Trends, Issues and Opportunities’, launched on July 31, 2018, by Ratan P Watal, Principal Advisor, NITI Aayog and Member Secretary, EACPM, at a conference organised by FICCI and NITI Aayog. This is the 2nd annual edition of the booklet on Digital Payments, which was published in July 2017.
Watal dwelt on the Growth Trends in Digital Paymentsas mentioned in the booklet. They are as follows: Digital payments clocked a robust growth in 2017-18 both in volume and value terms, in volume terms, the growth during the year was much higher than the trend growth rate during 2011-16, according to a PIB release.Watal remarked that the proposed changes in the regulatory framework, entry of global giants and the advancement of technology will drive the future growth of Digital Payments in the Country.