Last year’s Payment and Settlement Reports of RBI puts forth some surprising statistics that just proves why the fintech market in India is growing than ever before!
- In 2010, around 60% of all retail payments were done in offline mode. Compare this to 2020 where that number has sharply dropped to 3%.
- The stats are equally shocking if you look at it from the perspective of transaction value. In 2010, 89% of entire retail money flow in India was attributed to offline mode of payment. A decade later, that number has dropped to 20%.
- Never before has the world seen this kind of phenomenal shift in just a decade. Apart from demonetization, launch of the digital-friendly products at a breakneck speed has brought about this fundamental change in how you and I transact today.
Can you imagine where will India be in 2030?
This content was originally published on my LinkedIn profile.
