Digital Payments, AI and VR will power the Indian economy in future

According to Google-Boston Consulting Group (BCG) study, Indian digital payments industry will grow to $500 billion by 2020, contributing to 15% of GDP. Digital transactions have seen a dramatic increase in India in the past year due to push from both government and the private sectors. In India, post demonetization, it was time for India to go on a cashless ride where more emphasis was laid on Paytm, Payment Bank Arrival, Telecomm Disruption through Jio, Make in India and Digital India Initiatives. Last month Paytm raised $1.4 billion from Softbank and apps like Whatsapp are exploring the unified payment inter surface (UPI) to launch its payment solution in India. Another digital payment brand, MobiKwik has grown its user base from 35 million to 55 million since November 2016 and has over 1.5 million merchants on its platform. India recently lost the tag of'fastest growing economy' as its gross domestic product (gdp) slumped to its lowest in more than two years in the March quarter.