India is marching towards a cashless economy. The infrastructure for digital payments in the country is predicted to increase by three-fold by the end of 2017. The number of Electronic Point of Sales (EPOS) machines in use may go up to five million during this period.
Aruna Sundararajan, the Secretary of Ministry of Electronics and Information Technology, said: “We expect that by December, the number will actually go up to five million PoS, which means that the infrastructure for digital payments is going to grow three times in the short span of one year.”
She also stated that the number was doubled since the demonetization in November 2016. The figures showcase that people are slowly leaning towards digital payments in the country.
She added, “We know that in the last 30 year or even a little longer since the digital payments have been around, we had about 1.5 million electronic PoS (machines). In the last four months since demonetization, this number has doubled, and today we are at three million PoS”.
POS machines are completed by wallet payments offered by Paytm, Mobikwik, Freecharge, Jio Money, etc. Also, foreign players like Samsung, Whatsapp, Truecaller, etc., are betting high on the digital payments market in India. Overall, Indians are embracing digital payments.
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