DIPP Clarification regarding Press Note 2 (2018)

‘Digital payments set to become a trillion-dollar market in India by 2023’

The digital payments market in India is expected to grow to US $ 1 trillion by 2023 led by growth in mobile payments, presenting huge business opportunities for players in the digital space. Mobile payments are slated to rise from $ 10 billion in 2017-18 to $ 190 billion by 2023.

These estimates are based on a study of Credit Suisse and have been mentioned in a booklet titled ‘Digital Payment: Trends, Issues and Opportunities, launched today by

 and Member Secretary, EACPM, at a conference organised by FICCI and NITI Aayog. This is the 2ndannual edition of the booklet on Digital Payments which was published in July 2017.

The analysis of growth trends is based on both MeitY and RBI data. While MeitY data provides volume data in public domain, RBI provides both volume and value data in public domain. A note on Data Sources is also covered in the booklet which gives a comparative picture of the data sets captured by MeitY and RBI.

The new features of this booklet cover the areas of Policy Developments, Global Trends and Opportunities. In the policy space Watal dwelt on the significant development with respect to amendment of the Payment and Settlement Act, 2007.

While responding to some questions from the gallery, Watal shared the initiative taken by NITI Aayog in collaboration with Ministry of Human Resource Development under the Global Initiative of Academic Networks (GIAN) Scheme. NITI Aayog has initiated a short-term course on Digital Payments. This coursewas held at Mangalore University from 23rd to 27th July 2018.

In conclusion Watal remarked that the 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.

Dilip Chenoy, Secretary General, FICCI and Sudhakar Ramasubramanian, MD & CEO, Aditya Birla Idea Payments Bank  and Co-Chair, FICCI Fintech Committee, also shared their perspectives on the subject.

Following a presentation on trends in digital payments by Dr. B. N. Satpathy, Senior Consultant, EACPM and NITI Aayog, the industry perspective on digital payments issues and opportunities was shared by Kiran Shetty, CEO, SWIFT India, Rinki Dhingra, Senior President & National Head, Government Banking, YES Bank; Sanjeev Moghe, Executive Vice President & Head – Cards & Merchant Acquiring Business, Axis Bank; Amitabh Tewary, Vice President – Market Development, South Asia, MasterCard and Gaurav Chopra, Executive Director, Payment Council of India.


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