66 billion transactions to shift to cards, e-payments by 2023: Report

This rapid shift to digital payments due to Covid-19 is urgently increasing the need for banks to modernise their payment systems
About 66.6 billion transactions worth $270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to $856.6 billion by 2030, a report by Accenture said on Tuesday.

 

This rapid shift to digital payments due to Covid-19 is urgently increasing the need for banks to modernise their payment systems, the report, titled ‘Playing the Long Game in Payments Modernisation’, said.

 

The report is based on a survey of 120 payments executives at banks globally regarding the transformation of their payments business, as banks make multi-year investments to compete with non-bank digital-payments providers and comply with new regulations.



Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.

We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

Business Standard is now on Telegram.
For insightful reports and views on business, markets, politics and other issues, subscribe to our official Telegram channel