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Last Updated Saturday October 21 2017 01:45 PM IST

Non-cash transactions to grow at 26.2% during 2016 -2020, says report

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Debit Card India to surge ahead in non-cash payments, says report: File photo

New Delhi: Initiatives of the government and the National Payments Council of India (NPCI) will help non- cash transactions grow at a CAGR of 26.2 percent during 2016 -2020, said a report.

Quoting NPCI, the report said India is expected to witness a six-fold growth in digital transactions to reach 25 billion transactions during 2017-18, up from 4 billion in 2015-16.

India could potentially make its way into the global top 10 markets in terms of non-cash transaction volumes, as per the World Payment Report, 2017, jointly commissioned by Capgemini and BNP Paribas.

"Initiatives of the Indian Government and the National Payments Council of India (NPCI) will help non-cash transactions to grow at a CAGR of 26.2 per cent during 2016- 2020," it said.

According to the report, Emerging Asia, led by China and India, is projected to grow 30.9 percent in volumes.

The report also estimates that volumes generated by emerging economies will grow by 19.6 per cent, or three-times the rate of mature economies.

Read more at: Latest in Business | World Bank lowers India's growth forecast

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