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Digital payments to be trillion-dollar market by 2023: NITI Aayog

  •   Tue, Jul 31 2018 08:58:20 PM

New Delhi, Jul 31 (IANS): The digital payments market in India is set to become a trillion-dollar industry in the next five years, led by growth in mobile payments which are slated to rise to $190 billion by 2023 from $10 billion in 2017-18, the NITI Aayog said on Tuesday.

This would present huge business opportunities for players in the digital space, according to the NITI Aayog's "Digital Payment: Trends, Issues and Opportunities" report released on Tuesday.

According to the study, growth momentum of digital payments in volume and value sustained post demonetization with "spectacular growth" in new products like Unified Payments Interface (UPI).

Launching the report, NITI Aayog's Principal Advisor Ratan Watal said 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.
  

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Comment on this article

  • Vincent Rodrigues, Bengaluru/Katapadi

    Wed, Aug 01 2018

    Statistics and targets are only in the records but not to perform and reach

    DisAgree Agree [2] Reply Report Abuse

  • Mangalurian, Mangaluru

    Wed, Aug 01 2018

    It is good to hear that babus love to quote everything in India in trillions of dollars.

    The reality, however, is that over 70% of Indian businesses are micro businesses or trades - run by a single individual/family. These people generally do not have a concept of accounting and subsequently tax - GST or otherwise. Most of them earn extremely little - just subsistence.

    The babus no doubt want to push every micro business owner/tradesperson to become a taxpayer - by coercing him/her to accept digital payments. The moment such a micro business owner/tradesperson starts to accept digital payments, he/she will be hounded by the tax babus.

    So, I really doubt if the digital payments will move into the "trillions of dollars" league in India.

    DisAgree [2] Agree [3] Reply Report Abuse

  • Amith, USA

    Wed, Aug 01 2018

    Why, Feku's every project is Forwarded to Next Century ?????? "ProjectNext Generation" Ullu Banaying??????

    DisAgree [1] Agree [5] Reply Report Abuse

  • mohan, Mangalore

    Wed, Aug 01 2018

    What is this digital payments .... it is not the developments.....it is the mode of payment...
    And it was there before you come to power... I am using ATM .. debit card credit card.... net money transfer .. since 2006... is it a new development......it was done by Manmohan Singh.....
    Yaar this man is really a joker......just fooling illiterate ...

    DisAgree [1] Agree [5] Reply Report Abuse

  • Jossey Saldanha, Mumbai

    Wed, Aug 01 2018

    Good for people who run away from India with our Money ...

    DisAgree Agree [3] Reply Report Abuse

  • Ruben Pinto, Mangalore/Australia

    Wed, Aug 01 2018

    Digital transactions will put an end to black money terror financing as every cent deal is tracked. it will lead to a more just and safe world.

    DisAgree [1] Agree [1] Reply Report Abuse

  • Peacelover, India

    Wed, Aug 01 2018

    Trillion dollar market with half a billion hungry people.

    DisAgree Agree [2] Reply Report Abuse

  • Valerian DSouza, Udupi/Mumbai

    Tue, Jul 31 2018

    So what if they become trillion dollar market by 2023?
    Will our 37.5 crore BPL people will remain alive till then?
    Will it change their lives for better and their purchasing power will improve their lives?

    DisAgree [1] Agree [5] Reply Report Abuse

  • Ricky Dcosta, Udupi/Dubai

    Tue, Jul 31 2018

    Heading towards a digital world and, the technology that will lead to this revolution is Block-chain technology! UAE is supporter of this technology. However, our Indian government is creating hindrances for accepting this wonderful technology by imposing restrictions.

    DisAgree Agree [2] Reply Report Abuse

  • Karthik, Konaje/Navi Mumbai

    Wed, Aug 01 2018

    Haven't you heard of blockchain/crypto currency scams and frauds? We in India have enough of them, as it and with blockchains and cryptocurrencies our economy will be Govindaaaaa.......

    DisAgree Agree Reply Report Abuse


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