Indian digital payments market to reach $ 500 bn by 2020

Digital payments industry in India is expected to reach 500 billion US dollars by 2020, with over 50 per cent of Internet users in the country will be using it by then. 

The report by global telecom body GSM Association and Boston Consulting Group (BCG) said that more than 50 per cent of India's Internet users will use digital payments by 2020, when the size of digital payments industry in the country will be 500 billion dollars.

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India, BCG estimates that digital technologies will influence up to 45 per cent of all retail sales by 2025. The report counts government's plans to build 100 smart cities across the country and 'Digital India', which aims to increase the optical fibre network to thousands of villages where two-thirds of the population lives. The report appreciated India for the use of digital and mobile technologies for creating educated and digitally literate user base.