The Future of India’s Digital Payment Space Decoded

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The Future of Indias Digital Payment Space
Decoded
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Introduction

• Over the past decade, the payments industry in
  India has undergone a major transformation with
  the increased penetration of the internet, mobile
  phones, and exponential growth of the digital
  payment ecosystem.
• While everything was changing at a certain pace,
  a sudden disruption in the form of Covid-19 has
  changed the world fundamentally, altered the way
  consumers think, behave, and adapt to the new
  normal.
• And while the consumers do that, it is important
  for businesses also to change the way they
  function and adapt to this new normal just as
  swiftly.

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POS Terminals and Possibilities
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POS Terminals and Possibilities

• POS Terminals and Possibilities The POS
  terminals have helped in taking a giant leap
  towards a cashless economy and society.
• A Point of Sale system consists of hardware and
  software which helps customers to make payments
  using every type of payment method.
• It has also enabled Aadhaar authenticated
  deposits and withdrawal which is helpful in a
  country like India.
• For instance, the KYC process was made extremely
  easy through Aadhaar.
• This, in turn, has helped the underserved to open
  accounts and benefit from the schemes like Jan
  Dhan Yojana and come under the financial
  inclusion program.

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Cashless Payment Is Here To Stay

• Customers, since lockdown in March, have
  preferred Point of Sale POS terminals over
  ATMs.
• According to the recently released RBI report,
  there were 2,34,000 ATMs and 5.08 million
  point-of-sale (POS) terminals.
• The cash withdrawals from ATMs declined by 47 to
  286 million in April whereas withdrawals from
  Aadhaar enabled payment systems AEPS using
  micro ATMs doubled to 87 million from 34 million.
  
• Apart from that, cash withdrawal volumes at POS
  terminals grew 21, an increase to 4.8 million in
  April from 3.3 million in March. The numbers
  speak volumes about the growing inclination
  towards digital payments among the customers
  today.

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Evolute Group

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• For more details visit to The Future of Indias
  Digital Payment Space Decoded

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Evolute Group
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