New government data shows that digital payments in India have continued to soar since the government's demonetisation last month. The number of transactions using mobile phones and online banking grew by a whopping 86% between January 1 and March 31, according to new figures from India's central bank. 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.
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.