New Delhi: Niti Aayog has said that the digital payments market in India is set to become a trillion-dollar industry in the next five years. It will be led by growth in mobile payments which are slated to rise to 190 billion dollars by 2023 from 10 billion dollars in 2017-18, the Aayog said in a report.
Releasing the report in New Delhi yesterday, Principal Adviser to Niti Aayog Ratan P Watal said, this will present huge business opportunities for players in the digital space. He said, the growth in digital payment gained momentum in both volume and value terms after demonetisation.
Mr Wattal said, proposed changes in the regulatory framework, entry of global giants and the advancement of technology will drive the future growth of digital payments in the country.
He said the Goods and Services Tax (GST) regime, rolled out in July last year, will have huge impact on digital payments as it matures.