66 billion transactions to shift to cards, e-payments by 2023: Report

About 66.6 billion transactions worth $270.7 billion are expected to shift from cash to cards and digital payments by 2023 in India, and further increase to $856.6 billion by 2030, a report by Accenture said on Tuesday.

 

This rapid shift to digital payments due to Covid-19 is urgently increasing the need for banks to modernise their payment systems, the report, titled ‘Playing the Long Game in Payments Modernisation’, said.

 

The report is based on a survey of 120 payments executives at banks globally regarding the transformation of their payments business, as banks make multi-year investments to compete with non-bank digital-payments providers and comply with new regulations.