The Estimation Of Growth Factor Of Digital Payments in India

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The digital payment sector has been on a growth pill funded by the bill payment service providers, also aided by the government regulations has put the traffic over-flowing on the bill payment portals. The momentum gained has increased to 81% of the existing digital payment customers prefer the non-cash mode of UPI and mobile banking when compared to cheques and demand drafts. The digital inclination has only brought more customers online and evidently changed the technological pastures in search of the Best electricity bill payment and best of utility and booking sites as well.

Indian customers use only modes of payment for e-commerce shopping, payment of utility bills like pay my water bill and booking ticket in the travel and entertainment industry has done much of the catalyst work. Airtel postpaid bill payment has.

According to the Google and Boston Consulting Group(BCG) report, there is an estimation of touching 500$ billion through the Indian digital payments industry by 2020 which contributes to 15% of the country’s GDP. bill payment online will be estimated gross collection of more than 200 billion by next year.

But there is a curious angle the digital payment story in India, as most of the profits will be dominated by micro-transactions i.e financial transactions below Rs 100. I’m a part of the population that take part in these transactions, The person to merchant transactions through QR code payment is very high and it is reported that 50% of these people to merchant transaction will be below 100Rs as per the Google BCG report.

There is strong potential for the payment sector through UPI, payment banks and Bharat QR codes are estimated to grow immensely as it contributes to thirty percent of the digital payment industry.  

The key drivers for this exponential growth are multiple including convenience, user-friendly platforms, usefulness, contextual modes of payments, smartphone penetration, supportive regulatory policies, and high consumer acceptance has led to ocean growth of the industry. Broadband bill online is also highly paid for the utility bill sector as entertainment is an important aspect of daily life.

The lucrative offers and cashback are used as primary hooks for the onboarding and retention of the digital payment customers and but as the awareness of the data collection and the vulnerability of it started to seep in the customers, they became more educated about the increasing frauds and the bank account accessibility.

To solve all the problems arising from the rampant inception of the digital payment sector, the XPay.Life, a bill payment service provider that offers the payment channels that tether to both online and offline users. The web, application compatible on both iOS and android through which tata sky recharge can completely easily serve the digitally inclined populations that account for 20% of India. But the remaining 80% is still untapped and is not in the digital world. to help them to transition from the existing platform that is highly cash dominated, the offline modes such as bill payment kiosk that accepts cash, scans cheques and demand drafts was placed in strategic locations. A POS machine is also integrated which accepts cash payment in the form of credit and debit cards. This is creating ripples of transition in the digital pond.

Along with this mobile van that consists of the kiosk, mini ATMs and a vending machine that dispenses sanitary pads and condoms for free after each transaction is encouraging the rural mas to try the cash acceptance kiosk and gain the knowledge to use the digital platforms. Also, the vans consist of the television that displays the latest government policies and schemes for the betterment of the rural lives. This is done in the perspective of social welfare and bringing India onto the digital landscape.

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