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’
MUMBAI &
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 trillion market 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
India is 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.
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Connected devices (
Internet of Things ) will further drive payments digitization – inIndia and globally – with around 30 billion connected devices anticipated globally by 2025. -
Cyberattacks cost
India an estimated$4 billion annually, and could rise to$20 billion by 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
across
To download a complimentary copy of the new research, please visit: https://www.aciworldwide.com/geo/india; https://www.agsindia.com/newsroom
About
About
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
how
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Payment Systems, the ACI logo, ACI Universal Payments, UP, the UP logo,
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Product roadmaps are for informational purposes only and may not be incorporated into a contract or agreement. The development release and timing of future product releases remains at ACI’s sole discretion. ACI is providing the following information in accordance with ACI's standard product communication policies. Any resulting features, functionality, and enhancements or timing of release of such features, functionality, and enhancements are at the sole discretion of ACI and may be modified without notice. All product roadmap or other similar information does not represent a commitment to deliver any material, code, or functionality, and should not be relied upon in making a purchasing decision.
View source version on businesswire.com: http://www.businesswire.com/news/home/20180311005010/en/
Source:
ACI Worldwide
Dan Ring, 781-370-3600
dan.ring@aciworldwide.com
or
ACI
Worldwide
Christopher Taine, +49 (0) 89 45230 557
christopher.taine@aciworldwide.com
or
AGSTTL
Anshu
Jain, +91 8879790883
anshu.jain@agsindia.com
or
Adfactors
Kapil
Kulkarni, +91 98 20203 787
kapil.kulkarni@adfactorspr.com