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Digital Payments to become a trillion-dollar industry by 2023

Mumbai, 5th October, 2018: Payments Council of India (PCI) is all set for Digital Money 2.0 – the annual conference for digital payment industry stalwarts, regulators and experts. With the theme ‘Seeing into the future’, the one day summit aims to set the tone for the next phase of growth in the digital payments industry. Digital Money 2.0 will set up the perfect platform to take up a host of topics such as Digital Payment becoming a trillion dollar industry by 2023, Digital payment industry achieving 30 billion digital transaction by 2022 and topics which are currently trending in the sector. The 11th edition of the industry body’s annual conference is being organized in Mumbai on 9th October, 2018.

The digital payment industry encompasses various modes of transaction with payment instruments such as PPI, UPI and cards being some of the favorite modes of transactions. With the success of various digital modes transactions the volume of overall digital payments which registered a Compound Annual Growth Rate (CAGR) of 28.4% for the year 2011 to 2016 has now registered a CAGR of 44.6% for the year 2017-2018.

With a growth potential of becoming a trillion-dollar industry in next five years as predicted by Niti Aayog , the conference sets a table for deliberation and discussion on the ways the industry could grow to achieve the Government Of India’s ambitious target of achieving 30 billion digital transaction by the fiscal year 2018-19.

By the introduction of UPI 2.O and India achieving the 100th rank in ease of doing business index as per World’s Doing Business Report, 2018 published by World Bank, there is still a room for reflection on the path the industry and the policymakers can together take to achieve a much higher growth process. The august presence of Shri Gopalakrishnan S, Joint Secretary, MeitY and Shri Ganesh Kumar, Executive Director, Reserve Bank of India along with industry stalwarts would provide a platform for a confluence of ideas in the conference which would enable the industry to achieve the pinnacle of success.

The conference would also take a dip into the role played by Data in the Payment industry in reference to the current regulation in form of Justice Srikrishna Committee recommendation and the implication it would have on the payment sector. The conference would also focus on the current issues like the verdict of Supreme Court on Aadhar and the problems the industry would face on compliance front due to this Judgement.

The conference would also focus to take a stock of issues pertaining to UPI, Cross-Border remittances, Digital Payments and the (R) Etailer, Prepaid Payments Instruments, Merchant Acquiring in India etc with separate session dedicated to them to discuss the broad aspects of innovation, regulatory practices and a way ahead in these areas.

The Digital Money 2.0 Seeing into the future Conference would be a platform for industry stalwarts and the policy makers to come together, discuss and deliberate to access the present situations of the industry and to chalk out new pathways for the achievement of greater success of the industry.

Mr. Vishwas Patel, Chairman, Payments Council of India said that “Digital payments industry in India has grown in leaps and bounds in the last couple of years. Today it is one of the biggest enablers of financial inclusion in the country. The industry now awaits its next big impetus which would take the sector to another level. Digital Money 2.0 is an excellent platform for discussions and debates on the next phase of evolution and understand the requirements of emerging trends and seamless experience in the financial ecosystem“.

The Summit will offer a common platform to academia, industry, policy-makers, users and analysts to interact with each other and clearly define objectives to be achieved in the coming years.

About PCI:

The Payments Council of India was formed under the aegis of Internet and Mobile Association of India (IAMAI)in the year 2013 to cater to the needs of the digital payment industry. The council was formed inter alia for the purposes of representing the various payments and settlement industry players, to address and help resolve various industry level issues and barriers which require discussion and action. PCI works closely with the regulators i.e. Reserve Bank of India (RBI), Finance Ministry and any similar government departments, bodies or Institution to make ‘India a less cash society’. The major stakeholders are Prepaid payment Issuers, Merchant Aggregators and Acquirers, Payments Banks, International Remittance facilitators, Bharat Bill Payment System Operators, UPI facilitators, Card networks and other technology players in the payments ecosystem.

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