Categories: Business

Digital payments market in India likely to grow 3-folds to Rs 7,092 trillion by 2025: Report. Digital payment market is expected to triple by 2025 to Rs 7,092 thousand billion- Report

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Digital payments market in India likely to grow 3-folds to Rs 7,092 trillion by 2025: Report

New Delhi. The digital payment market in India is expected to have tripled to 7,092 thousand billion rupees by 2025 on the basis of financial inclusion between government policies and increasing digitization among merchants. It has been said in a report. Redsir Consulting said in a report that the digital payment market of the country in 2019-20 stood at about 2,162 thousand billion rupees. He said, 'Currently there are 16 million mobile payment users. Their number is estimated to have increased fivefold to around 80 crore by 2025. This will be boosted by various demand and supply side factors.

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According to the report, 'Mobile payments will be about 3.5 percent of the total digital payment of Rs 7,092 thousand billion by FY 2025, which is currently one percent. At present, the number of users of mobile payments is 16 crore, which is expected to increase to 80 crore during this period. According to the report, wallets continue to play a key role in the continued growth in both the user base and the frequency of payments. Wallet penetration is expected to increase by the year 2025 and lower income will encourage smaller transactions.

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The company said that offline merchants will be responsible for the growth of digital payments. With this, the reach of the unorganized retail sector will also increase in cities beyond tier-2 level on the basis of digitization among merchants. The company believes that the Kovid-19 epidemic has acted as a catalyst for digitization. The company's founder and CEO (CEO) Anil Kumar said, "Kovid-19 has proved to be the kind of demonetisation for digital payments." The company said that the share of digital payment of grocery stores increased to 75 percent due to Kovid-19, as people are preferring to pay with mobile phones due to security.

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This post was published on August 23, 2020 9:53 pm

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