While developed nations invest to compete at the top end of innovation, India is choosing to do things a little differently and in the process creating the playbook for digital at scale and real time on ground impact.
As the Reserve Bank of India (RBI) rightly calls out in its report ‘Payment and Settlement Systems in India: Vision – 2019-2021’, payment and settlement systems are the backbone of any economy! And in a master stroke, this is where India decided to begin its phenomenal journey of transforming 1.3+ billion lives with tech disruption. And, the transformation of India’s digital payment story is nothing short of inspiring, especially when you see the impact it is creating at the grassroots. Driven by progressive regulatory policies that led to increased use of mobile internet, growth in a robust ecosystem of non banking players like Paytm and most importantly the interoperability between players, the India digital payment transformation has become a global case study of transformation at scale.
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As the nation celebrates Digital India, we are well poised for the next level. As per a study by Assocham and PWC India, in less than four years from now, digital payments will more than double itself, from $64.8 billion (at present) to reach $135.2 billion, growing at a mindboggling CAGR of 20.2 per cent.
Source: The Hindu BusinessLine
