{"id":3983,"date":"2016-07-26T05:40:14","date_gmt":"2016-07-26T05:40:14","guid":{"rendered":"https:\/\/www.digitalcreed.in\/?p=3983"},"modified":"2016-07-26T05:42:49","modified_gmt":"2016-07-26T05:42:49","slug":"study-indian-digital-payments-industry-to-grow-to-500-billion-by-2020","status":"publish","type":"post","link":"https:\/\/www.digitalcreed.in\/study-indian-digital-payments-industry-to-grow-to-500-billion-by-2020\/","title":{"rendered":"Study: Indian digital payments industry to grow to $500 billion by 2020"},"content":{"rendered":"<ul>\n<li><em>More than 50% of India\u2019s internet users will use digital payments by 2020<\/em><\/li>\n<li><em>Top 100 million users will drive 70% digital payments GMV<\/em><\/li>\n<li><em>Digital Payments will contribute 15% to GDP<\/em><\/li>\n<\/ul>\n<p><a href=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG.jpg\" rel=\"attachment wp-att-3989\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-3989 size-full\" src=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG.jpg\" alt=\"BCG\" width=\"809\" height=\"447\" srcset=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG.jpg 809w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-300x166.jpg 300w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-768x424.jpg 768w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-580x320.jpg 580w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-740x409.jpg 740w\" sizes=\"(max-width: 809px) 100vw, 809px\" \/><\/a><\/p>\n<p><strong><u>Mumbai, July 25, 2016:<\/u><\/strong> Highlighting the growth opportunity in the digital payments industry in India, Google and Boston Consulting Group (BCG) today launched a report, \u2018Digital Payments 2020\u2019. The report provides a comprehensive overview of the current transformation underway in digital payments and its impact on the overall payment landscape in India. The report is based on Nielsen\u2019s qualitative and quantitative research with over 3,500 respondents, combined with BCG and Google\u2019s industry intelligence<strong>.<\/strong><\/p>\n<p>The report projects that by 2020, the size of digital payments industry in India will be $500 billion; contributing 15% to India\u2019s GDP. Further, by 2020, non-cash* contribution in the consumer payments segment will double to 40%. Already 81% of existing digital payment users prefer it to any other non-cash payment methods. Online, shopping, payment of utility bills and buying movie tickets have emerged as the three top things that a user primarily interacts with.<\/p>\n<p><a href=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-1.jpg\" rel=\"attachment wp-att-3986\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-3986 size-full\" src=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-1.jpg\" alt=\"BCG-1\" width=\"1000\" height=\"563\" srcset=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-1.jpg 1000w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-1-300x169.jpg 300w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-1-768x432.jpg 768w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-1-740x417.jpg 740w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a>Further, the reports reveals that Indian consumers, are 90% as likely, to use digital payments for both online as well as offline transactions. Over 60% of digital payments value will be contributed by offline points of sale such as unorganized retail, eateries, transport etc.<\/p>\n<p>Speaking about the key findings of the report, <strong>Rajan Anandan, VP, SEA &amp; India, Google<\/strong> said, \u201cSpurred by smartphone penetration, and supported by progressive regulatory policy, the digital payments industry is at an inflection point and is set to grow 10X by 2020. It is telling that half of India\u2019s internet users will use digital payments and that the top 100 million users will drive 70% of the GMV &#8211; a clear indicator of the growing importance of the digital consumer.\u201d<\/p>\n<p>\u201cGlobal digital payments is undergoing rapid transformation and is set to grow four times in value by 2020. India is on an even more exponential growth trajectory. The smartphone explosion will usher in a new era in digital payments in India over the next few years that will see digital payments exceed $500Bn by 2020 and non-cash transactions exceed cash transactions by 2023\u201d <strong>said Alpesh Shah, Senior Partner &amp; Managing Director, The Boston Consulting Group, India.<\/strong><\/p>\n<p><a href=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2.jpg\" rel=\"attachment wp-att-3987\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-3987 size-large\" src=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2-1024x553.jpg\" alt=\"BCG-2\" width=\"1024\" height=\"553\" srcset=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2-1024x553.jpg 1024w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2-300x162.jpg 300w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2-768x415.jpg 768w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2-1170x632.jpg 1170w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2-740x400.jpg 740w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-2.jpg 1422w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/><\/a>Based on the research conducted, convenience has emerged as the most important factor that is driving this growth. This is followed by availability of offers while opting for digital payment methods.<\/p>\n<p>The report also highlights that micro-transactions will form a substantial portion of the industry, with over 50% of person-to-merchant transactions expected to be under INR 100. The report predicts that the value of remittances and money transfer that will pass through alternate digital payment instruments will double to 30% by 2020.<em><br \/>\n<\/em><\/p>\n<p><em>*Non-cash includes cheques, demand drafts, net-banking, credit\/debit cards, mobile wallets and UPI<\/em><\/p>\n<p>The report identifies the various challenges that the digital payments ecosystem will need to overcome in order for the industry to grow to its potential. The research has shown that 1 of 2 non-users haven\u2019t used digital payments because they found the product too complicated to understand and 61% of non-user merchants find it complex to use. Additionally, universality of acceptance of digital payment methods and merchant concerns around speed of transactions during peak hours have emerged as other inhibitors to usage.<\/p>\n<p><a href=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-3.jpg\" rel=\"attachment wp-att-3988\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-3988 size-full\" src=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-3.jpg\" alt=\"BCG-3\" width=\"1000\" height=\"553\" srcset=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-3.jpg 1000w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-3-300x166.jpg 300w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-3-768x425.jpg 768w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-3-580x320.jpg 580w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/BCG-3-740x409.jpg 740w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" \/><\/a><\/p>\n<p><strong>Report Methodology:<\/strong><\/p>\n<p>The report is based on a qualitative and quantitative research executed by Nielsen. Insights from this research were then combined with BCG\u2019s proprietary sizing model as well as Google and BCG\u2019s industry intelligence<strong>.<br \/>\n<\/strong><\/p>\n<p>For the purpose of the study, Nielsen conducted 14 group discussions, and 26 In-depth interviews for users and merchants in 3 cities (Mumbai, Lucknow, Delhi), and inputs from these were then used to form a comprehensive consumer and merchant quantitative survey. The consumer survey covered over 3,500\u00a0respondents (digital consumers &#8211; 1,516, remittance users &#8211; 917 and merchants &#8211; 917), across nine geographies &#8211; Delhi, Mumbai, Bangalore, Ludhiana, Lucknow, Indore, Surat, Vishakapatnam and Coimbatore.<\/p>\n<p>PRESS RELEASE<\/p>\n<p><a href=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/DigitalPayments2020.jpg\" rel=\"attachment wp-att-3985\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-3985 size-full\" src=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/DigitalPayments2020.jpg\" alt=\"DigitalPayments2020\" width=\"554\" height=\"1000\" srcset=\"https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/DigitalPayments2020.jpg 554w, https:\/\/www.digitalcreed.in\/wp-content\/uploads\/2016\/07\/DigitalPayments2020-166x300.jpg 166w\" sizes=\"(max-width: 554px) 100vw, 554px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>More than 50% of India\u2019s internet users will use digital payments by 2020 Top 100 million users will drive 70% digital payments GMV Digital Payments will contribute 15% to GDP Mumbai, July 25, 2016: Highlighting the growth opportunity in the digital payments industry in India, Google and Boston Consulting Group (BCG) today launched a report, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":3411,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[110],"tags":[848,850,849,851,847,777,853,852],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.7 (Yoast SEO v22.5) - 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He founded Digital Creed in 2015. A technology buff, former computer instructor, and software developer, Brian has 29 years of journalism experience (since 1994). Brian is the former Editor of CHIP India, InformationWeek India and CISO Mag. He has served India's leading newspaper groups: The Times of India and The Indian Express. Presently, he serves the Information Security Media Group, as Sr. Director, Editorial. You'll find his most current work on CIO Inc. During his career he wrote (and continues to write) 5000+ technology articles. He conducted more than 450 industry interviews. Brian writes on aviation, drones, cybersecurity, tech startups, cloud, data center, AI\/ML\/Gen AI, IoT, Blockchain etc. He achieved certifications from the EC-Council (Certified Secure Computer User) and from IBM (Basics of Cloud Computing). Apart from those, he has successfully completed many courses on Content Marketing and Business Writing. 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He founded Digital Creed in 2015. A technology buff, former computer instructor, and software developer, Brian has 29 years of journalism experience (since 1994). Brian is the former Editor of CHIP India, InformationWeek India and CISO Mag. He has served India's leading newspaper groups: The Times of India and The Indian Express. Presently, he serves the Information Security Media Group, as Sr. Director, Editorial. You'll find his most current work on CIO Inc. During his career he wrote (and continues to write) 5000+ technology articles. He conducted more than 450 industry interviews. Brian writes on aviation, drones, cybersecurity, tech startups, cloud, data center, AI\/ML\/Gen AI, IoT, Blockchain etc. He achieved certifications from the EC-Council (Certified Secure Computer User) and from IBM (Basics of Cloud Computing). Apart from those, he has successfully completed many courses on Content Marketing and Business Writing. He recently achieved a Certificate in Cybersecurity (CC) from the international certification body ISC2. Follow Brian on Twitter (@creed_digital) and LinkedIn. 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