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, according to a latest report by global telecom body GSM Association and Boston Consulting Group.
BCG projects that more than 50 percent of India’s Internet users will use digital payments by 2020. The number of users accessing internet on mobile is expected to reach 3 billion in 2020, covering 65% of the world’s population, added the report. It noted scope of the Unique Identification Authority of India (UIDAI) system which enables anyone in the country to obtain an electronic and digitally-signed proof of identity. “Almost the entire adult population carry Aadhaar cards that facilitate electronic payments, and the electronic payment industry today encompasses telcos, banks, wallet companies and e-commerce firms,” the report said.
The report was prepared over BCG research in six countries — Brazil, China, Germany, India, South Korea and the US. Check out the detailed report here.