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India's digital payments infra to grow three-fold in 2017: MeitY

IANS  |  New Delhi 

The infrastructure of payments in is expected to increase three-fold by the end of 2017 with almost five million electronic point of sale (PoS) machines, the Ministry of Electronics and IT (MeitY) said on Wednesday.

"We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for payments is going to grow three times in the short span of one year," MeitY Secretary Aruna Sundararajan said here.

Sundararajan said the use of PoS machines in the country has already doubled since the government's demonetisation move.

"We know that in the last 30 years... or even a little longer... since the payments have been around, we had about 1.5 million electronic PoS (machines). In the last four months since demonetisation, this number has doubled and today we are at three million PoS," she said.

Sundararajan spoke at the launch of a joint report by the Internet and Mobile Association of (IAMAI) and Nielsen titled 'Index of Internet Readiness of Indian States'.



(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 19 2017. 16:02 IST