By 2020, the size of digital payments industry in India will touch $500 billion, reveals ‘Digital Payments 2020’ report released by Google and Boston Consulting Group (BCG). The report is based on Nielsen’s qualitative and quantitative research with over 3,500 respondents, combined with BCG and Google’s industry intelligence.
As per the report, the growth in digital payments industry will contribute around 15 percent to India’s GDP. Further, by 2020, non-cash ( includes cheques, demand drafts, net-banking, credit/debit cards, mobile wallets and UPI) contribution in the consumer payments segment will double to 40 percent. Already 81 percent of existing digital payment users prefer it to any other non-cash payment methods. Online, shopping, payment of utility bills and buying movie tickets are among top three things that a user primarily interacts with.