Digital payments market in India to touch $500 billion by 2020

Digital payments market size in the country is expected to touch $500 billion by 2020, accounting for about 15% of gross domestic product (GDP), a report said today.

The ‘Digital Payments 2020’ report, jointly published by Google and Boston Consulting Group, projects that non-cash contribution in the consumer payments segment will double to 40%.

“The smartphone explosion will usher in a new era in digital payments in India over the next few years that will see digital payments exceed $500 billion by 2020 and non-cash transactions exceed cash transactions by 2023,” said Alpesh Shah, senior partner and MD, Boston Consulting Group.

He also said contribution of digital payments would be 15% to the country’s GDP.