Facebook, Google, others chase India's Rs 70 lakh crore digital payments market
Surendrasingh Sucharia always has a
few thousand rupees in his pocket, but can’t recall the last time he used cash.
The 29-year-old product manager in Bangalore uses a string of smartphone apps
including ones from Google and India’s Paytm to pay for everything from
groceries to street food
India saw a brief spurt in digital
payments post demonetization, although the spike petered out as new bills were
printed. But over the past year, a string of new apps have made payments
increasingly easy, and the discounts and cash bonus they offer are proving
irresistible to young, urban users like sucharia.
Credit Suisse Group now estimates
that the Indian digital payments market will touch Rs 70 lakh crore by 2023
from about Rs 14 lakh crore currently. Cash still accounts for 70 per cent of
all Indian transactions by value, according to credit Suisse, and neighboring china is far more advanced with a mobile payments market worth
more than Rs 350 lakh crore.
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