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Money transfer democratised, digital commerce will grow

November 08, 2022

Money transfer democratised, digital commerce will grow
The digital commerce revolution in India is set to grow ten-fold and money transfer in the country has been democratised with the UPI system, experts opined on Saturday at the India Today Conclave.

Deepak Bagla, Managing Director & CEO, Invest India, T. Koshy, CEO, Open Network for Digital Commerce (ONDC), and Dilip Asbe, Managing Director & CEO of National Payments Corporation Of India were at the Indian Today Conclave Mumbai. They spoke on democratising the future of digital commerce. They spoke on matters of key infrastructure and how digital commerce will impact consumer life going forward.

It is worth mentioning that the digital commerce space in India is estimated worth $50 billion by the end of 2022 and $150 billion by 2027. India’s online shopping base is expected to rise by 400-450 million and about 500 million use social media. The new shoppers largely come from tier III cities including Gen Z. The e-commerce facilities are accessible in about 99% of India’s pincodes.

Dilip Asbe, Managing Director & CEO NPCI said that digital payment is about 60% of personal expenditure in developed countries, and India at the moment, for a developing country is at 25%, and there is space for 10-fold growth and UPI will be core driver of this growth. Adding to the discussion, Deepak Bagla, Managing Director & CEO, Invest India said that for the first time in our history we have the ability where each citizen is able to participate in the growth and partake in that growth.

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