The major contributor to the growth of digital transactions was online payments business, say experts. Mumbai: Digital payment companies have seen a substantial jump in their business as a result of the government’s measures towards promoting cashless transactions post demonetisation last year. These firms are likely to further consolidate their business with more incentives for digital transactions. According to the Payments Council of India, the growth rate of the digital payments industry, which was earlier in the range of 20-50%, has accelerated post demonetisation to 40-70%. These critical steps can drive our current industry growth of 10% transactions to 50% in the next 5 years,” he added.

Source: Mint November 05, 2017 08:37 UTC