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According to a new report by market research firm International Data Corporation, digital transactions will supersede the transaction at ATM by 2022.
Next-generation payment structures, such as mobile wallets, payments banks, BharatQR, and electronic authentication, have created new forms of digital payment channels and servicing capabilities, IDC said.
"The payment industry in India is clearly going through gigantic changes. Over the last few years, the tremendous growth in the digital payment space has elicited a passionate debate across the industry, but one thing is certain, the next several years will see a transformation of how consumers, businesses, and the government move money," says Anuj Agrawal, Senior Research Manager, IDC Financial Insights.
The report said that digital payment instruments have seen a tremendous improvement year over year versus traditional nondigital channels (excluding cash).
The contribution of digital payment instruments (such as retail electronic clearing, mWallet, and mobile banking) means the volume of transactions has already doubled in 2016-17 and is expected to grow further by the end of FY17-18, from 32 percent in 2013-14 to 62 percent in 2017-18.
Several markets worldwide will launch a nationwide mobile payment scheme for POS, e-commerce, and ATM transactions, the report discusses how India appears to be steadfast in this goal, taking major steps to be among the first few countries to launch a nationwide mobile payment scheme, a report said.