Digital Payments to Become 1 Trillion Dollar Industry In India by 2023: Report

The digital payments market In India 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 a report recently.

Mobile payments are slated to rise from $ 10 billion in 2017-18 to $ 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 today by Ratan P. Watal, Principal Advisor, NITI Aayog and Member Secretary, EACPM, at a conference organised by FICCI and NITI Aayog. This is the 2nd annual edition of the booklet on Digital Payments which was published in July 2017.

While responding to some questions from the gallery, Mr. Watal shared the initiative taken by NITI Aayog in collaboration with Ministry of Human Resource Development under the Global Initiative of Academic Networks (GIAN) Scheme.

NITI Aayog has initiated a short-term course on Digital Payments. This course was held at Mangalore University from 23rd to 27th July 2018.

In conclusion Watal remarked that the proposed changes in the regulatory framework, entry of global giants and the advancement of technology will drive the future growth of Digital Payments in the Country.

Dilip Chenoy, Secretary General, FICCI and Mr. Sudhakar Ramasubramanian, MD & CEO, Aditya Birla Idea Payments Bank Ltd. and Co-Chair, FICCI Fintech Committee, also shared their perspectives on the subject.