The Opportunities of Digitized Payments

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Beerud

Afreen Jawed

Pre-Sales and Corporate Marketing | gupshup.io

Feb 8, 2017

Over the last 50 years, the rapid proliferation of electronic payments—in particular credit, debit and prepaid cards—has changed how consumers pay for goods and services, how merchants manage their businesses, and how governments make and collect all sorts of payments. India is set for a digital payment revolution and the overall payments landscape of the country is up for a complete overhaul. The payments landscape in India is at a point of inflection with growing acceptance infrastructure and consumer adoption of digital payments. Continued government initiatives to drive e-payments, including fiscal incentives for consumers and merchants to switch from cash, efforts to bolster financial inclusion, and a focus on innovation are necessary to drive change. The digital payments industry in India are expected to hit $500 billion by 2020, contributing 15 per cent to the country’s GDP, according to the latest ‘Digital Payments 2020’ report by Google and Boston Consulting Group (BCG).

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