New Delhi. India is at the forefront of digital transactions in the whole world. According to the 2020 report of payment system company ACI worldwide, the use of digital transactions in India will be more than 71 percent by 2025. Although the trend of digital payment was increasing, after corona it has increased. According to the report, there has been a 41 percent increase in digital payments in the world since 2019.
Over 25 million transactions in India alone
According to the report of ACI worldwide, in 2020 there were 70 million digital transactions worldwide, which is 41% more than the previous year. The maximum number of digital transactions was 25 million in India. In this, 15 percent of transactions are related to digital payment. Still 61 percent of transactions are happening offline. The company claims that the market share of online transactions will be 50 percent in 2024, which will increase to 71 percent in 2025.
The industry is also working fast on the new trend
Major steps are now being taken to adopt this change. The Reserve Bank of India (RBI) has given a big boost to the payment banks, allowing deposits of up to 2 lakh and non-banking payment institutions to RTGS and NEFT. The industry is also working very fast on the new trend.
Digital transaction growth also brought danger
Along with the growth of digital transactions, cybercrime has also increased rapidly. Crimes like fishing, hacking, identity theft have become common. Therefore, for the growth of digital transactions, the most important thing is to be completely secure. Experts believe that for this, companies will also have to do a lot of preparation. The speed that the Corona era has given to online transactions will also bring big business opportunities in this area.
Transactions exceeding 4500 crores rupees
The report presented in Parliament last month regarding the digital transactions of the Ministry of Electronics and Information Technology also shows that its trend is increasing in India. The number of digital transactions was 4572 crores in FY 2019-20, while it was 3134 crores in FY 2018-19 and 2071 crores in 2017-18. The report states that from January 2020 to August 2020 the number of digital transactions was 3106.64 crores, of which a total of 1050.59 crores transactions occurred during the lockdown i.e. from March to May. It has gained momentum since unlocked, i.e. from June and by the end of the year it reached 4572 crores.