Mobile payment to hi $190bn

Watal with FICCI Secretary General Dilip Chenoy at the report launch on 31 July 2018.

The digital payments market 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, said an industry report.

Mobile payments are slated to rise from US$10 billion in 2017-18 to US$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 by Ratan P. Watal, Principal Advisor, NITI Aayog.

Launched at a conference by Federation of Indian Chambers of Commerce and Industry (FICCI) and National Institution for Transforming India (NITI) Aayog on 31 July in Delhi, this is the 2nd annual edition of the booklet on Digital Payments, the first of which was published in July 2017.

The key messages of the booklet on Digital Payments are:

Growth momentum of Digital Payments in Volume and Value sustained post Demonetization;
Spectacular Growth in New Products like UPI;
Steps taken to bring in a New Regulatory Regime as per Watal Committee Report;
Reserve Bank of India (RBI) has taken four key initiatives to usher in a new era of Digital Payments;
World of Opportunities ahead for Fintech Players.

-/fiinews.com