Digital Payments to become a trillion-dollar industry by 2023

The digital payment market is all set to become a trillion dollar industry by 2023, according to the Payments Council of India (PCI).

PCI said that the digital payment industry encompasses various modes of the transaction with payment instruments such as PPI, UPI, and cards were some of the favorite modes of transactions.

With the success of various digital modes transactions, the volume of overall digital payments which registered a Compound Annual Growth Rate (CAGR) of 28.4 percent for the year 2011 to 2016 has now registered a CAGR of 44.6 percent for the year 2017-2018.

Vishwas Patel, Chairman, Payments Council of India said that "Digital payments industry in India has grown in leaps and bounds in the last couple of years. Today it is one of the biggest enablers of financial inclusion in the country. The industry now awaits its next big impetus which would take the sector to another level.

Digital Money 2.0 is an excellent platform for discussions and debates on the next phase of evolution and understand the requirements of emerging trends and seamless experience in the financial ecosystem."

This would present huge business opportunities for players in the digital space, according to the NITI Aayog's "Digital Payment: Trends, Issues, and Opportunities" report said.

By the introduction of UPI 2.O and India achieving the 100th rank in ease of doing business index as per World's Doing Business Report, 2018 published by World Bank, there is still a room for reflection on the path the industry and the policymakers can together take to achieve a much higher growth process, the report added.

The Digital Money 2.0 Seeing into the future Conference would be a platform for industry stalwarts and the policymakers to come together, discuss and deliberate to access the present situations of the industry and to chalk out new pathways for the achievement of greater success of the industry.