AGSTTL and ACI Highlight Key Megatrends Shaping India’s Digital Payments Revolution — By 2025, Digital Transactions Could Be Worth $1 Trillion Annually
UPI payments driving greater financial inclusion as Indian payments ecosystem undergoes rapid transformation, reveals new whitepaper ‘Transactions 2025’
By 2025, digital transactions in
Key findings of the research:
- India’s smartphone user base will likely double to 500 million by 2020; increasingly affordable devices and data will spur safe, fraud-resistant digital transactions based on biometrics and multi-factor authorization, as well as an explosion of consumer services via mobile internet.
Based on India’s current growth trajectory, the country could boast a
$1 trillionmarket for digital transactions by 2025, with cash to non-cash ration reversing (4 out of 5 payments made digitally).
The user base for digital transactions in
Indiais currently close to 90 million, but could triple to 300 million by 2020 as the use cases for digital transactions grow and new users from rural and semi-urban areas enter the market.
- Initiatives such as UPI (Unified Payments Interface) payments are driving greater interoperability between banks, independent of acquirer, payment provider or mobile app.
Connected devices (
Internet of Things) will further drive payments digitization – in Indiaand globally – with around 30 billion connected devices anticipated globally by 2025.
Indiaan estimated $4 billionannually, and could rise to $20 billionby 2025, with the digitization of payments presenting new challenges for cybersecurity.
“India is undergoing an incredible transformation driven by the rapid
digitalization of payments,” said
Announced last week, ACI has implemented a customized, UPI-enabled
version of its UP
Retail Payments solution, supporting the growth of UPI payments
Established in 2002,
Pioneering the change in financial technology space, our three major lines include Banking Automation Solutions, Banking Payment Solutions, Automation Solutions for the Retail, Petroleum and Colour sectors.
With close to 9000 employees, round the clock customer service centers
and manufacturing & warehousing units located in Daman, AGSTTL is
committed to provide clear, credible and contemporary solutions to steer
ACI, ACI Worldwide, ACI Payment Systems, the ACI logo, ACI Universal Payments, UP, the UP logo, ReD, PAY.ON and all ACI product names are trademarks or registered trademarks of
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