New government data shows that digital payments in India have continued to soar since the government's demonetisation daily. Transactions through RuPay Cards were up 316% and value of growth increased by 503%. The number of last month transactions through e-wallet services such as Oxigen, Paytm and MobiKwik, grew 271% with a 267% growth in value. The growth of digital spending is expected to remain strong as the overall market expands, rising to 15-20% of the $1.3tn consumer consumption total, equivalent to $350bn.
New government data shows that digital payments in India have continued to soar since the government's demonetisation last month. Transactions through RuPay Cards were up 316% and value of growth increased by 503%. The number of daily transactions through e-wallet services such as Oxigen, Paytm and MobiKwik, grew 271% with a 267% growth in value. The growth of digital spending is expected to remain strong as the overall market expands, rising to 15-20% of the $1.3tn consumer consumption total, equivalent to $350bn.