The Indian economy has traditionally been dominated by cash. The recent Government efforts in pushing a cashless economy have resulted in an environment suitable for rapid growth of the digital payment industry.
Digital payment transactions have grown steadily in volume by 24% & by value 15% CAGR over the last four years. However in the last 2 years it has grown by over 32% in volume and 17% in value. This can be attributed to Digital India initiative and other factors as indicated in this paper.
Amazon, Baidu, Tencent, Alibaba – are examples of Digital Enterprises that have successfully exploited its network, information-base and technology-prowess to create & distribute financial products (specifically Payments & Lending).
– Rajesh Saxena, CEO – Intellect Global Consumer Banking
– Varadarajan S, Business Head – Intellect Digital Lending (2018)