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Niti Aayog India's digital payment market is set to touch USD 1 trillion within a few years and there is a need for a relook at Payment and Settlement Systems Act Nay Aayog Ratan P Watal said today.
"There is growing growth momentum in volume and value terms in digital payments after demon … RBI or MEITY data, its Much better than it was prior to 2016, "he said at an event organized by industry body Ficci.
The digital payments market In India is expected to grow to USD 1 trillion by 2023 Niti Aayog report – Digital Payments – Trends, Issues and Opportunities.
"Mobile payments are slated to rise from USD 10 billion in 2017-18 to USD 190 billion by 2023, "he added."
Watthe added that the state of the world's goods and services tax (GST) regime, rolled out in July last year,
"There are also some laws and regulations," he said
"The regulation should be such that it should allow new technology to come in very soon. Technology Minister, also added, "he added.
Prime Minister Narendra Modi on November 8,2016 had announced the demonetization of Rs 1,000 and Rs 500 notes in a bid to crack down on black money, fake currency and bribery, with focus on pushing digital payments in a 'less cash' economy.
According to Watal, the growth in total retail payments in value terms has seen a three-fold increase in 2017-18 than the trend rate of the last Five years – 2011-16.
"The Unified Payments Service (UPI) and Immediate Payment Service (IMPS) segments in terms of volume registered in spectacular growth during 2017-18. UPI, showing a higher rate of payment among consumers and merchants, "he noted.
The report pointed out that the volume of overall payments steadily increased from 2011-12 to 2015-16, CAGR of the 28.4 per cent
"The volume of overall payments accelerated by over 56 per cent in 2016-17. However, the rate of growth is 44.6 per cent in 2017-18.
"Notwithstanding this growth is more important than the growth in the last decade. 2011-2016), "the report said.
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