Digital Payments in India – Nscript.com

Info graphic:

This is mainly supported by Ecommerce, Mobile Wallet Apps

Total Transaction Value-29000 million USD-2016 (Expected)

2014-18000 million USD

2015-21000 million USD

No of Users-2016-170 million

2015-120 million

2014-100 million

Expected to grow by 20% every year

95% of transactions is in Online B2C Commerce

Content:

Electronic payments whether Person to Person(P2P), or Person to Business (P2B), usually takes place through Online payments carried out through the medium of internet.

Substantial number of customers in banks is registering for internet banking facility and there has been considerable increase in the usage of the same for funds transfer through National Electronic Funds Transfer (NEFT) and Real Time Gross Settlement (RTGS).

A Significant trend noted in this regard is the surge in the customers registered for mobile banking in recent years.

With this incremental increase in usage of digital payments has led to a huge transaction happening in the tune of 21000 million USD for the year 2015 in India and is expected to grow up to 29000 million USD in 2016.

This increase in transaction is due to large number of people’s interest to use payments conveniently. 120 million users were using digital payments such as mobile banking, online transfer and mobile wallet apps.