According to a recent Google and Boston Consulting Group BCG study, India’s digital payments industry will grow to $500 bln by 2020. The key trends mentioned in the study present a viable opportunity for Bitcoin adoption to grow in the world’s second most populous country. Non-cash overtaking cash by 2023 The study includes the prediction of a ten times growth in merchant acceptance network by 2020, payment-driven consumption and not the other way round, and non-cash payment transactions overtaking cash payments by 2023. India’s payment landscape has mirrored four major global shifts that demonstrate the country’s huge potential for exponential growth in the next four years. The shifts are the ongoing digital and technology revolution which has led to increased penetration of smartphones and internet on mobile; entry of several non-banking institutions that offer payment solutions; customers becoming more demanding and expectant for instantaneous one-touch payment solutions; and progressive changes in regulatory framework. As a result, the authors of the study say they expect the digital payments space to witness disruption very soon based on certain key trends. Viable opportunity for Bitcoin For Kumar Gaurav, head of Cashaa peer-to-peer marketplace that connects cash senders with cryptocurrency traders, making Bitcoin – or any cryptocurrency – popular in India is the most needed by the industry right now. He says in a chat with Cointelegraph: “At this stage, any initiative to make Bitcoin or any cryptocurrency popular in India is very good news for Cashaa or for any marketplace which runs on cryptocurrency. Bitcoin exchanges are a very important member of our economy and they help to maintain liquidity in the market.” Gaurav’s statement comes in the wake of Coinsecure’s launch of its real time mobile trading application for Android. Coinsecure, an Indian Bitcoin exchange, introduces the app that is ideally […]
