India’s digital payments market is expected to grow to $1 trillion by 2023 led by growth in mobile payments whereas mobile payments are slated to rise from $10 billion in FY2017-18 to $190 billion by 2023.
These estimates are based on a study of Credit Suisse launched by Ratan P. Watal, Principal Advisor, NITI Aayog and Member Secretary, EACPM, at a conference organised by FICCI and NITI Aayog.
The Unified Payments Service (UPI) and Immediate Payment Service (IMPS) segments in terms of volume registered a spectacular growth during FY2017-18. UPI, despite being a new product in the payment segment, has shown a great adoption rate among consumers and merchants. Total card payments continued its growth momentum and exceeded the trend growth rate of the last five years both in volume and value terms.
Ratan P. Watal said 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.
Recently, NITI Aayog in collaboration with Ministry of Human Resource Development under the Global Initiative of Academic Networks (GIAN) Scheme has initiated a short-term course on digital payments.