Digital payments growing in India at 12.7%
Posted On : Thursday, August 29, 2019, 5:23 PM
Digital payments in India are witnessing thriving growth with a compound annual growth rate (CAGR) of 12.7 percent in the number of non-cash transactions, global advisory KPMG said on Thursday. A KPMG report said that the mobile payment revolution in the country has led to a boom in the number of merchants adopting digital payments with close to 1.5 million digital payment acceptance locations in 2016-17. Besides, the number of merchants accepting digital payments modes has increased to over 10 million in a short span of two to three years. QR-code based wallet acceptance points with low setting up costs have been instrumental in driving mass adoption among merchants, thereby increasing convenience for customers as well, creating a virtuous cycle for the ecosystem, the report said.