Business Desk, Amar Ujala, New Delhi
Updated Wed, 25 Nov 2020 05:51 AM IST
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In the report released on Tuesday, Ascenter said that in the next three years, digital transactions will increase by about 66.6 billion transactions and cash transactions of $ 270 billion (Rs 19.98 lakh crore) will be converted into card and digital form. Not only this, digital transactions are projected to increase by $ 856 billion (Rs 64.08 lakh crore) by 2030.
The biggest reason for this is the epidemic, which has forced banks to adopt digitization. According to a report based on interactions with more than 120 executives of digital payment companies, banks are also moving to adopt new types of regulations decades later.
Digital transactions will increase by 51.8 lakh crore in three years globally
According to the report, digitization will also accelerate globally and digital transactions will increase to 420 by 2023. This will convert about Rs 51.8 lakh crore of cash transactions into a digital platform.
Not only this, by 2030 this amount will increase to Rs 3,552 lakh crore. The survey has included large economies such as Australia, Brazil, Canada, China, Norway, Singapore, Thailand, India, Britain and the US in the survey.
75 percent banks are making new payment system
75 per cent of the banks surveyed have started developing a new mechanism for digital payments. Sulabh Aggarwal, who leads payment services at Ascenter, says fintech companies are bringing new platforms to promote digital payments. Banks will also have to make changes to counter them. Right now a large number of digital transactions of PSBs are failing.
14% of Corporation Bank’s digital transactions have failed. Besides, 9.8% digital transactions at Canara Bank and 4.2% at Bank of India have proved unsuccessful. Banks have to improve their technology to deal with these problems.