Digital Payments in India – Nscript.com
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
Expected to grow by 20% every year
95% of transactions is in Online B2C Commerce
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.