India is on the verge of a revolution in the field of financial technology, with the latest reports showing that around $500 billion is slated to flow inwards through digital payments in the country. Several steps like Unified Payments, Jan Dhan Yojna, Aadhar Cards are prime reasons for such an expected financial revolution in the country. These have proved to be major drivers for boost in the country. Focusing on the payment systems, we can see a major change in the payment landscape in the next 5 years in the country.
Biometrics Tokenization, the Internet and Cloud computing will be a major way for payment in India
The payment will be focused on drive consumption in the country
It is expected to go ten folds by 2020 with Merchant acquiring infrastructure
Aadhar will be the way to Know Your Costumer
Unified Payment Interface can prove to be a game changer
It is expected that non cash payments will overshadow cash payments by the year 2023 in India
The digitization of India has been playing a vital role in the rapidly changing country and with every possibility to have a revolution in this field; the country is expected to come up with the financial technology revolution in upcoming years.
India defying Global Slowdown
Indian Economy has defied the global slowdown along with the global tensions spreading all over the world and is expected to come up with more acceleration in the upcoming months to provide themselves a boost towards becoming a major economic power on a global platform.
India has proved to be a source of inspiration for all others, when talked about industrial & technology revolutions and with the current pace of around 2%, with which the country is progressing, there is a sense of satisfaction for major economists in the country, that at least the country is not showing any negative movements as is the case with all other countries of the world. Thus, India is in fact defying the trend.
Expected Growth Rate by International Monetary Fund
Based on International Monetary Fund (IMF) reports of the last month, the forecast for global growth has been kept at 3.4%, while India has been expected to show a growth rate of around 7.4% in the year 2016 and 2017. According to Mr. Arun Jaitley, the major boost in the economy is all due to the strong efforts of the services sector, where India is trying hard to improve its output.
Let’s see what lies in the future; but India is more expected of showing a major boost towards the growth in upcoming years on a global platform and can easily set an example for others.