The
phenomenal rise in smart phones usage coupled with internet penetration,
availability of several easy payment options among banking and non-banking
institutions through POS and positive changes in regulatory norms are increasingly
driving Indians to adopt digital payment option, which is likely to worth a
whopping $500 billion by 2020, according to a report.
A new
study by internet giant Google and Boston Consultancy Group (BCG) pointed out
that Asia’s third largest economy will witness its overall spend through digital
means reaching a ten-fold rise to reach $500 million in four years from now,
which is country’s 15% of current GDP.
“Aided by smart phone
penetration and progressive regulatory policies, India’s digital payment
industry is all set to witness a ten-fold increase by 2020. Top 100 million
internet users having smart phones or otherwise, are likely to contribute 70 %
of Gross Merchandise Value (GMV), which indicates the increasing trend of people
preferring digital payment option,” says Rajan Anandan, Google’s vice-president
for India and South-East Asia.
Experts believe that
the trend will drive more POS machines like pos printers, barcode scanners,
barcode printers, MSRs, Touch POS, tablet POS or mobile payment solutions such
as mobile POS, etc., into retail sector, where more number of transactions
happens through non-cash modes such as credit/debit cards, unified payment
interface (UPI), mobile wallets, net-banking, cheques or demand drafts.
Read full PR article @ JusTransact.com
Media contact:
K Ramanathan
kr.iyar@gmail.com
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