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More than 50% of india’s internet users will use digital payments by 2020 google and bcg report

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eTailing India
eTailing India

India goes digital for payments Digital payments are expected to grow ten-fold to $500 billion in 2020 accounting for 15% of India’s GDP, according to a Google-BCG report. Young consumers and merchants could turn out to be the key to future success of digital payments.

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wwww.etailingindiaexpo.com More than 50% of India’s Internet users will use digital payments by 2020: Google and BCG report eTailing India Thought Corner India goes digital for payments Digital payments are expected to grow ten-fold to $500 billion in 2020 accounting for 15% of India’s GDP, according to a Google-BCG report. Young consumers and merchants could turn out to be the key to future success of digital payments. Recently PayUmoney launched POS terminal which promises to connect even the smallest corner shop to the world of paperless payment. Nitin Gupta, CEO & Co-founder, PayUmoney said, “When we developed our product, we kept in mind the unique demands of the Indian merchants whether in cities, or in the country's vibrant villages.” Similarly MobiKwik’s cash pick, a service to help those users who are either unbanked or aren't comfortable using net- banking, credit or debit cards completed 1 million transactions. "Completing 1 million transactions for this service is a milestone for us that demonstrate how innovations brought to
wwww.etailingindiaexpo.com business to solve users' concerns yield favourable results," concludes Bipin Preet Singh, founder CEO, MobiKwik. The confluence of need and emergence of innovative solution is leading to more and more consumers go for digital payment. What will drive digital payments? Solves a real problem: The consumer-centric approach that allows using technology effectively to help save time and offer a better shopping experience could drive payment wallet. Gives an emotional touch: To foster the use of digital payment, it is important to shape the attitude that drives consumer behavior with emotions. Secured payment: Prioritizing payment security is the most important feature of a mobile wallet offering Loyalty programs: Adding a loyalty program is a proven catalyst to drive adoption to technology such as mobile payments.

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More than 50% of india’s internet users will use digital payments by 2020 google and bcg report

  • 1. wwww.etailingindiaexpo.com More than 50% of India’s Internet users will use digital payments by 2020: Google and BCG report eTailing India Thought Corner India goes digital for payments Digital payments are expected to grow ten-fold to $500 billion in 2020 accounting for 15% of India’s GDP, according to a Google-BCG report. Young consumers and merchants could turn out to be the key to future success of digital payments. Recently PayUmoney launched POS terminal which promises to connect even the smallest corner shop to the world of paperless payment. Nitin Gupta, CEO & Co-founder, PayUmoney said, “When we developed our product, we kept in mind the unique demands of the Indian merchants whether in cities, or in the country's vibrant villages.” Similarly MobiKwik’s cash pick, a service to help those users who are either unbanked or aren't comfortable using net- banking, credit or debit cards completed 1 million transactions. "Completing 1 million transactions for this service is a milestone for us that demonstrate how innovations brought to
  • 2. wwww.etailingindiaexpo.com business to solve users' concerns yield favourable results," concludes Bipin Preet Singh, founder CEO, MobiKwik. The confluence of need and emergence of innovative solution is leading to more and more consumers go for digital payment. What will drive digital payments? Solves a real problem: The consumer-centric approach that allows using technology effectively to help save time and offer a better shopping experience could drive payment wallet. Gives an emotional touch: To foster the use of digital payment, it is important to shape the attitude that drives consumer behavior with emotions. Secured payment: Prioritizing payment security is the most important feature of a mobile wallet offering Loyalty programs: Adding a loyalty program is a proven catalyst to drive adoption to technology such as mobile payments.