We live in an era where technology has permeated every single aspect of our daily lives. The impact of technology on our day to day activities is undeniable, as is its incessant forward march. This phenomenon can be most acutely felt on one of the most fundamental aspects of our society – currency and financial transactions. As technology progresses, the quest for replacing antiquated physical money with digital counterparts is well and truly underway. Of course, the idea of digital currency and transactions is not anything new. Credit/Debit cards have been around for a long time now, as have digital bank transfers and other similar mediums of digital currency transactions.
However, over the past few years, the financial digital revolution has picked up an incredible amount of momentum. An undeniably huge factor behind this is the ongoing digital revolution in India, and its push towards a cashless economy. India is the world’s second most populous country with over 1.3 billion people. Not only does that constitute a huge chunk of the global population, but any new trends or changes to the status quo in the region can reverberate across the world.
- So, just how big is the digital currency market in India?
- What are the factors that brought the digital revolution in currency, and which developments played a key role in facilitating it?
- Where do we go from here?
Let’s dig deep into the changing equations in the Indian payment industry to unveil the future face of the cashless economy in India.