Faceless, Paperless, Cashless - one of the key principles of Digital India campaign sets clear direction for the payments business in India. With this focus and drive from the government, digital payments in India have grown at a CAGR of 55.1% over the past five years. The future looks even more promising:
According to Redseer Consulting research report, Country’s digital payment market was worth around Rs 2,162 trillion in 2019-20 and is expected to grow over three-fold to Rs 7,092 trillion by 2025 on account of government policies around financial inclusion and growing digitisation of merchants.
There is significant headroom for growth of POS terminals in the small retailer universe. MPOS/ soft POS is expected to drive this growth in this space. The payment gateway aggregator market in India, which is currently estimated to be at Rs 9.5 trillion, is expected to grow by 2.4 times driven by large value transactions. Mobile payment users are expected to grow by 5 times in the next 5 years.
With this opportunity size and continuous innovation, technology is no longer an enabler, but has become the most critical driver for the growth. However, rapidly growing dynamic businesses, intense competition, intervention from authorities and evolving government policies may derail the execution if projects are not planned and managed well. Here are three strategic themes in It that help in structurally scaling up technology in any organization and make it a driver for business growth:
Sustain
This story is from the April 2021 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the April 2021 edition of PCQuest.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
Importance of data privacy and security measures for secure digital learning
Prioritizing data protection and security is not just a technical prerequisite; it's also an ethical and strategic imperative for fostering trust and ensuring academic success in the digital age
How automotive electronics is responding to the evolving market needs
The fusion of automotive and electronics is revolutionizing driving, turning cars into multifunctional hubs. Enhanced safety systems, smart infotainment, heads-up displays, and connectivity redefine the driving experience, prioritizing safety, convenience, and entertainment for all occupants
The evolving face of digital piracy: Trends and tactics in 2024
Amidst the ongoing conflict between pirates and rights holders, there arises a crucial necessity for a collaborative approach encompassing technological innovation, regulatory interventions, and public awareness initiatives to effectively counter digital piracy in India
Navigate the intersection of AI and privacy
The evolving landscape of AI deployment, emphasizing the growing recognition of the need of having on-premise AI solutions and the need for customization to meet specific organizational needs
Revolutionizing fleet management with AI
AI heralds a new era in transportation, promising unparalleled efficiency, safety, and scalability. Its transformative power is set to revolutionize fleet management and logistics, unlocking unprecedented opportunities for optimization and innovation
How AI is revolutionizing Assistive Technology
Al-driven advancements are revolutionizing assistive technology, empowering individuals with disabilities to lead more independent and fulfilling lives.
The universe of open-world games: Exploring the best in the genre
Open-world gaming offers players unparalleled freedom and immersion, facilitated by advanced technology and creative design elements that blur the lines between reality and virtuality
What's the current hullabaloo around the future of AI chips?
AI is not a product per se, like an iPhone or laptop! You cannot log into Amazon or Etsy and buy an Al!! Just look at the development of Al! If it is that easy to develop and deploy, it cannot be a wonder, at least, not for me! At best, it is a tool!
Generative AI: A problemsolving powerhouse
Generative AI is reshaping problem-solving across diverse industries, driving innovation, and improving efficiency while necessitating ethical considerations for responsible deployment
The Gen AI revolution in product design
Generative AI is pushing the boundaries of innovation by enabling more creative exploration of design possibilities through generating a range of design options and optimizing product designs for factors like weight, strength, and performance