India will Grow Ahead of US and China in Digital Payments Transaction, KMPG Report Says

CHENNAI: India is forecast to see the fastest growth in digital payments transaction value at a compounded annual growth rate (CAGR) of 20.2% between 2019 and 2023, ahead of China and the United States, according to KPMG’s report ‘Fintech in India – Powering Mobile Payments.’

Digital payments are seeing a thriving growth and gaining traction with a CAGR of 12.7% in the number of non-cash transactions (forecast, 2016-21). The global digital payments market size is expected to touch $10.07 trillion by 2026.

The growth is attributed to developing markets led by emerging Asian countries, which are forecast to grow by 28.8% till 2024 (number of non-cash transactions) and expected to account for half of the digital transactions worldwide.

Manish Jain, partner, digital and fintech, management consulting, KPMG in India, said, “India today is one of the leading countries when it comes to payment transformation. The seamless integration of mobile technology and financial services has paved the way for increased digital adoption. What is made this possible is proactive participation from all the key stakeholders involved here, i.e. government, regulators, banks and financial institutions, merchants, mobile payments service providers, and investors who today have become a key enabler to leverage the mobile payments ecosystem.”

Source: ToI

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