Digital payments industry in India is expected to reach $500 billion by 2020, with over 50 percent of internet users in the country will be using it by then, a report today said.
According to PTI, the report by global telecom body GSM Association and Boston Consulting Group said that BCG projects that more than 50 percent of India’s Internet users will use digital payments by 2020, when the size of digital payments industry in the country will be $500 billion.
The report was prepared over BCG research in six countries — Brazil, China, Germany, India, South Korea and the US. the report on ‘Embracing the Digital Revolution: Policies for Building the Digital Economy’ said that in India, BCG estimates that digital technologies will influence up to 45 per cent of all retail sales by 2025.
As internet adoption and use rise in India, the government and others are increasingly turning to digital solutions to long-standing problems, it said. The report counts government’s plans to build 100 smart cities across the country and ‘Digital India’, which aims to increase the optical fibre network to thousands of villages where two-thirds of the population lives.
The report also mentioned that the opportunity for expansion of service delivery is huge as the number of connected internet users in India is expected to more than double in the next few years to as many as 550 million. New users are expected to comprise more older people, rural residents and women.
