Isn’t it true to say “Digital is the new normal”
Digital Payments have gained prominence significantly in recent years, From healthcare to grocery, every industry is revolutionizing digital production. In the pandemic and subsequent lockdown, the digital payment sector has significantly increased. It has created a big opportunity for ‘contactless payments as the awareness for digital payments is spreading in many parts of the country, more people are eager to use this type of payment.
In recent years there have been remarkable innovations and initiatives that have changed the way of Indian markets. For instance FAStags, RBI announced a hike in the upper limit of contactless card payments from Rs 2,000- 5000 from 2021 and making RTGS transactions available 24×7, BHIM UPI, all in one QR code for merchants. Digital India clearly holds a promising future.
According to a study by Assocham- PWC India, digital payment will subsequently grow from $64.8 billion to $135.2 billion in 2023. Another report states that by 2025, digital payments in India would count for 71.7 percent of payments volume leaving cheques and cash just for 28.3 percent.
Many businesses are attentive to the payment solutions, which are more easy-to-use and comprehensive to adopt digital payments. So many Digital payment firms are focusing on establishing products or services that are more consumer-centric to meet their ends and are mobile-friendly, which makes it easier for the general masses.
Soon digital payments will make their turn on more advance and compelling technology routes. Like the development of blockchain payments, biometric-related payments, voice-based, AI, cloud-based payments, and many more innovative ideas to come.
With the top spot, India retained the position of 25.5 billion real-time payments in 2021. It comes as no surprise that it is finding more opportunities and a promising future for the growth of digital payment in India.