Retail online transaction platform UPI<\/a> will likely continue to dominate the digital payments<\/a> space in the country even as newer methods such as BNPL<\/a> and digital currency<\/a> are expected to define the future of payments, a study has said. Unified Payments Interface (UPI<\/a>), Buy Now Pay Later (BNPL<\/a>), Central Bank Digital Currency<\/a> (CBDC) and offline payments will drive growth of digital payments<\/a> in India<\/a> in the next five years, PwC India<\/a> said in a report. 网上零售交易平台UPI可能会继续统治这个国家的数字支付空间甚至BNPL等新方法和数字货币预计将定义未来的支付,一项研究说。统一的支付接口(UPI),现在购买支付后(BNPL),中央银行数字货币(CBDC)和离线支付将推动增长的数字支付在未来5年内在印度,普华永道印度在一份报告中表示。 零售网络交易平台UPI可能会继续主导电子支付空间在这个国家甚至等新方法BNPL和数字货币将定义未来的支付,一项研究说。统一的支付接口(UPI),现在购买支付后(BNPL),中央银行数字货币(CBDC)和离线支付将推动增长电子支付在印度在未来的五年里,普华永道印度在一份报告中称。
UPI is expected to continue to be the major contributor in the digital payments space, followed by BNPL, it said.
The Indian digital payments market saw steady growth at a CAGR of 23 per cent (volume wise), and is expected to reach 217 billion (21,700 crore) transactions in FY26 from 59 billion (5,900 crore) in FY22, said the report titled 'The Indian Payments Handbook - 2021-26'.
In 2020-21, UPI transactions reached a record 22 billion (2,200 crore), and it is expected to reach 169 billion (16,900 crore) by 2025-26, growing at a CAGR (compounded annual growth rate) of 122 per cent, it said.
Partnerships with other countries in Asia<\/a> to enable low-value transactions and cross-border remittances through UPI will contribute to this growth. BNPL, which is currently estimated at Rs 363 billion (Rs 36,300 crore), is expected to reach Rs 3,191 billion (Rs 3,19,100 crore) by the end of 2025-26, according to the report.
\"We expect the payments industry to focus heavily on enhancing customer experience and providing customer options for payment, enhancing security, undertaking innovations in technology like distributed ledger technology (DLT) and emerging tech like IoT (Internet of Things) over the next couple of years.
\"With the efforts and initiatives of key stakeholders such as regulators, banks, payment\/fintech companies, card networks and service providers, the industry is going to see tremendous growth in the coming years,\" Mihir Gandhi, Partner & Payments Transformation Leader, PwC India<\/a>, said.
Presenting a snapshot of the trends that will contribute to growth of digital payments industry in India, the report said that existing products and emerging use cases such as UPI, Fastag, transit (NCMC) and cards will continue to make inroads and gain additional wallet share of the Indian customers. These methods will continue to drive the growth in adoption and transactions numbers, said the report.
Enabling recurring payments and IPO subscriptions along with cross-border remittances will provide a boost to UPI. Parking and fuel payments are being explored as new use cases for Fastag, PwC report said further.
\"The emergence of new players with a focus on digital journeys and expanding customer base in tier 3 and 4 locations will drive the growth for cards. Integration of NCMC with debit and credit cards alongside prepaid with news of public transport operators going live with acceptance infrastructure will bode well for the transit segment.\"
Further, it said, with the RBI<\/a> allowing to expand the scope of tokenisation to cover additional use cases like laptops, desktops, wearables, IoT devices along with card-on-file tokenisation (CoFT), with enhanced card-related security, will ensure that the overall customer check-out experience remains intact.
This is significant for leading merchants in grocery and retail, food delivery and apparel, among others who experience repeated purchase transactions from their customers, said the report.
With regard to offline payments, PwC report said the recent RBI<\/a> guidelines on offline payments have provided a much-needed impetus to the segment.
\"Poor connectivity and lack of access to online payment methods have opened up an opportunity for offline payments. Efforts have been made by various players in the past to develop and deploy such solutions but with limited success.\"
They will give the necessary directions to the participants in developing offline payments solutions. Further, it will encourage banking and non-banking companies to collaborate with the solution developers, as per the report.
In the corporate payments space, financial institutions and service providers are offering payment solutions which can fulfil all the requirements of organisations and increase their operational efficiencies.
Integrating payments into enterprise resource planning software that helps to automate essential business functions, and utilising payments data to improve operational efficiency and optimise essential processes are some of the use cases.
On the proposed CBDC, it said, given the present scenario, the central bank's digital currency<\/a> will need to co-exist along with the existing rails rather than replace them.
\"Some of the prominent use cases of CBDC that are applicable in the Indian context are programmable direct benefit transfer, online and offline retail payments and cross-border remittances,\" it said.<\/p><\/body>","next_sibling":[{"msid":90891043,"title":"India's chip manufacturing push timely amid global supply disruptions: HCL co-founder","entity_type":"ARTICLE","link":"\/news\/indias-chip-manufacturing-push-timely-amid-global-supply-disruptions-hcl-co-founder\/90891043","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"90891106","title":"Cardless cash withdrawal soon at all bank branches and ATMs via UPI","entity_type":"IMAGES","seopath":"industry\/banking\/finance\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report\/cardless-cash-withdrawal-soon-at-all-bank-branches-and-atms-via-upi","category_name":"UPI to stay on top; BNPL, digi currency to drive digital payments growth in next 5 years: Report","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-174128\/90891106.cms?width=150&height=112","link":"\/image\/industry\/banking\/finance\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report\/cardless-cash-withdrawal-soon-at-all-bank-branches-and-atms-via-upi\/90891106"}],"msid":90892189,"entity_type":"ARTICLE","title":"UPI to stay on top; BNPL, digi currency to drive digital payments growth in next 5 years: Report","synopsis":"Retail online transaction platform UPI will likely continue to dominate the digital payments space in the country even as newer methods such as BNPL and digital currency are expected to define the future of payments, a study has said. Unified Payments Interface (UPI), Buy Now Pay Later (BNPL), Central Bank Digital Currency (CBDC) and offline payments will drive growth of digital payments in India in the next five years, PwC India said in a report.","titleseo":"telecomnews\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":140,"shares":0,"engagementtimems":682000},"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2022-04-17 13:50:06","lastupd":"2022-04-17 13:50:36","breadcrumbTags":["digital payments","upi","india","rbi","asia","pwc india","central bank digital currency","BNPL","Digital currency","MVAS\/Apps"],"secinfo":{"seolocation":"telecomnews\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report"}}" data-authors="[" "]" data-category-name="" data-category_id="" data-date="2022-04-17" data-index="article_1">
UPI掌握;BNPL数码网络货币推动数字支付未来5年的增长:报告
UPI预计将继续支付数字空间的主要因素,其次是BNPL。
印度电子支付市场稳定增长CAGR为23%(体积明智),预计将达到2170亿(21700卢比)交易FY26从590亿年FY22(5900卢比),表示该报告题为“印度支付手册- 2021 - 26。
与其他国家的合作关系亚洲使低价值交易和跨境汇款通过UPI将造成这一增长。BNPL,目前估计为3630亿卢比(36300卢比),预计将达到3.191万亿卢比(Rs 19100卢比)在2025年底——26日,根据该报告。
“我们预计支付行业集中在很大程度上增强客户体验,并提供客户选择支付,加强安全、事业创新技术分布式分类技术(DLT)和物联网等新兴技术(物联网)在未来几年。
”与关键利益相关者的努力和行动等监管机构、银行、支付/ fintech公司,信用卡网络和服务提供商,该行业将会看到巨大的增长在未来几年,“Mihir甘地,合作伙伴与支付变换的领导者,普华永道印度说。
呈现的快照的趋势,将有助于发展电子支付产业在印度,报告称,现有产品和新兴的用例如UPI、Fastag、交通(NCMC)和卡将继续获得更多的钱包份额的印度客户。采用这些方法将继续推动的增长和事务数据,报告说。
使重复支付和IPO订阅以及跨境汇款将推动美联社担任过资深驻外记者等职。停车和燃料支付正在探索作为Fastag新的用例,普华永道的报告进一步说。
“新球员的出现与关注数字旅行和扩大客户基础在层3和4的位置将推动增长。集成的NCMC借记卡和信用卡与预付与新闻的公共交通运营商接受验收基础设施将预示着过境段。”乐动扑克
此外,它说,印度储备银行允许的范围扩大tokenisation覆盖额外的用例就像笔记本电脑,台式电脑,衣物,物联网设备连同card-on-file tokenisation (CoFT),加强处理与纸牌相关安全,将确保总体客户退房经验仍然完好无损。
这是重要领导商人在杂货店和零售,食品外卖和服装,在其他人的经验从顾客重复购买交易,报告说。
关于离线支付,普华永道报告说最近印度储备银行离线支付指南提供了急需的动力部分。
“可怜的连通性和缺乏在线支付方法开辟了一个离线支付的机会。努力都是由不同的球员在过去的开发和部署这样的解决方案,但是有限的成功。”
他们会给必要的方向来参与开发离线支付解决方案。此外,它将鼓励银行和非银行企业协作解决方案开发人员,按照报告。
在公司支付空间,金融机构和服务提供商提供的支付解决方案,可以满足所有的要求组织和提高操作效率。
将支付集成到企业资源规划软件,帮助自动化基本业务功能,并利用支付数据来提高运营效率和优化基本流程的用例。
提出CBDC,它说,考虑到目前的情况下,中央银行的数字货币需要共存以及现有rails,而不是取代它们。
”用例的一些知名的CBDC适用于印度上下文可编程直接收益转移,线上和线下零售支付和跨境汇款,”它说。
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Retail online transaction platform UPI<\/a> will likely continue to dominate the digital payments<\/a> space in the country even as newer methods such as BNPL<\/a> and digital currency<\/a> are expected to define the future of payments, a study has said. Unified Payments Interface (UPI<\/a>), Buy Now Pay Later (BNPL<\/a>), Central Bank Digital Currency<\/a> (CBDC) and offline payments will drive growth of digital payments<\/a> in India<\/a> in the next five years, PwC India<\/a> said in a report.
UPI is expected to continue to be the major contributor in the digital payments space, followed by BNPL, it said.
The Indian digital payments market saw steady growth at a CAGR of 23 per cent (volume wise), and is expected to reach 217 billion (21,700 crore) transactions in FY26 from 59 billion (5,900 crore) in FY22, said the report titled 'The Indian Payments Handbook - 2021-26'.
In 2020-21, UPI transactions reached a record 22 billion (2,200 crore), and it is expected to reach 169 billion (16,900 crore) by 2025-26, growing at a CAGR (compounded annual growth rate) of 122 per cent, it said.
Partnerships with other countries in Asia<\/a> to enable low-value transactions and cross-border remittances through UPI will contribute to this growth. BNPL, which is currently estimated at Rs 363 billion (Rs 36,300 crore), is expected to reach Rs 3,191 billion (Rs 3,19,100 crore) by the end of 2025-26, according to the report.
\"We expect the payments industry to focus heavily on enhancing customer experience and providing customer options for payment, enhancing security, undertaking innovations in technology like distributed ledger technology (DLT) and emerging tech like IoT (Internet of Things) over the next couple of years.
\"With the efforts and initiatives of key stakeholders such as regulators, banks, payment\/fintech companies, card networks and service providers, the industry is going to see tremendous growth in the coming years,\" Mihir Gandhi, Partner & Payments Transformation Leader, PwC India<\/a>, said.
Presenting a snapshot of the trends that will contribute to growth of digital payments industry in India, the report said that existing products and emerging use cases such as UPI, Fastag, transit (NCMC) and cards will continue to make inroads and gain additional wallet share of the Indian customers. These methods will continue to drive the growth in adoption and transactions numbers, said the report.
Enabling recurring payments and IPO subscriptions along with cross-border remittances will provide a boost to UPI. Parking and fuel payments are being explored as new use cases for Fastag, PwC report said further.
\"The emergence of new players with a focus on digital journeys and expanding customer base in tier 3 and 4 locations will drive the growth for cards. Integration of NCMC with debit and credit cards alongside prepaid with news of public transport operators going live with acceptance infrastructure will bode well for the transit segment.\"
Further, it said, with the RBI<\/a> allowing to expand the scope of tokenisation to cover additional use cases like laptops, desktops, wearables, IoT devices along with card-on-file tokenisation (CoFT), with enhanced card-related security, will ensure that the overall customer check-out experience remains intact.
This is significant for leading merchants in grocery and retail, food delivery and apparel, among others who experience repeated purchase transactions from their customers, said the report.
With regard to offline payments, PwC report said the recent RBI<\/a> guidelines on offline payments have provided a much-needed impetus to the segment.
\"Poor connectivity and lack of access to online payment methods have opened up an opportunity for offline payments. Efforts have been made by various players in the past to develop and deploy such solutions but with limited success.\"
They will give the necessary directions to the participants in developing offline payments solutions. Further, it will encourage banking and non-banking companies to collaborate with the solution developers, as per the report.
In the corporate payments space, financial institutions and service providers are offering payment solutions which can fulfil all the requirements of organisations and increase their operational efficiencies.
Integrating payments into enterprise resource planning software that helps to automate essential business functions, and utilising payments data to improve operational efficiency and optimise essential processes are some of the use cases.
On the proposed CBDC, it said, given the present scenario, the central bank's digital currency<\/a> will need to co-exist along with the existing rails rather than replace them.
\"Some of the prominent use cases of CBDC that are applicable in the Indian context are programmable direct benefit transfer, online and offline retail payments and cross-border remittances,\" it said.<\/p><\/body>","next_sibling":[{"msid":90891043,"title":"India's chip manufacturing push timely amid global supply disruptions: HCL co-founder","entity_type":"ARTICLE","link":"\/news\/indias-chip-manufacturing-push-timely-amid-global-supply-disruptions-hcl-co-founder\/90891043","category_name":null,"category_name_seo":"telecomnews"}],"related_content":[{"msid":"90891106","title":"Cardless cash withdrawal soon at all bank branches and ATMs via UPI","entity_type":"IMAGES","seopath":"industry\/banking\/finance\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report\/cardless-cash-withdrawal-soon-at-all-bank-branches-and-atms-via-upi","category_name":"UPI to stay on top; BNPL, digi currency to drive digital payments growth in next 5 years: Report","synopsis":false,"thumb":"https:\/\/etimg.etb2bimg.com\/thumb\/img-size-174128\/90891106.cms?width=150&height=112","link":"\/image\/industry\/banking\/finance\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report\/cardless-cash-withdrawal-soon-at-all-bank-branches-and-atms-via-upi\/90891106"}],"msid":90892189,"entity_type":"ARTICLE","title":"UPI to stay on top; BNPL, digi currency to drive digital payments growth in next 5 years: Report","synopsis":"Retail online transaction platform UPI will likely continue to dominate the digital payments space in the country even as newer methods such as BNPL and digital currency are expected to define the future of payments, a study has said. Unified Payments Interface (UPI), Buy Now Pay Later (BNPL), Central Bank Digital Currency (CBDC) and offline payments will drive growth of digital payments in India in the next five years, PwC India said in a report.","titleseo":"telecomnews\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report","status":"ACTIVE","authors":[],"analytics":{"comments":0,"views":140,"shares":0,"engagementtimems":682000},"Alttitle":{"minfo":""},"artag":"PTI","artdate":"2022-04-17 13:50:06","lastupd":"2022-04-17 13:50:36","breadcrumbTags":["digital payments","upi","india","rbi","asia","pwc india","central bank digital currency","BNPL","Digital currency","MVAS\/Apps"],"secinfo":{"seolocation":"telecomnews\/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report"}}" data-news_link="//www.iser-br.com/news/upi-to-stay-on-top-bnpl-digi-currency-to-drive-digital-payments-growth-in-next-5-years-report/90892189">
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