Digital payments to rise by 26 per cent CAGR during 2016-2020: report

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Initiatives of the government and the National Payments Council of India (NPCI) will help non- cash transactions grow at a CAGR of 26.2 per cent during 2016 -2020, said a report.

Quoting NPCI, the report said India is expected to witness a six-fold growth in digital transactions to reach 25 billion transactions during 2017-18, up from 4 billion in 2015-16.

India could potentially make its way into the global top 10 markets in terms of non-cash transaction volumes, as per the World Payment Report, 2017 jointly commissioned by Capgemini and BNP Paribas.

“Initiatives of the Indian Government and the National Payments Council of India (NPCI) will help non-cash transactions to grow at a CAGR of 26.2 per cent during 2016- 2020,” it said.

According to the report, Emerging Asia, led by China and India, is projected to grow 30.9 per cent in volumes. The report also estimates that volumes generated by emerging economies will grow by 19.6 per cent, or three-times the rate of mature economies.