The Indian digital payment industry is expected to grow @ 40% to touch Re. 1,20,120 crore by 2014-end, says a report by the Internet and Mobile Association of India (IAMAI), the Payments Council of India (PCI) and IMRB.The report further says that the industry has grown @10 % p a since 2010.. The modes used for such payments are credit and debit cards, internet banking, mobile wallet and pre-paid cash cards.
Of around 80 crore online transactions in 2013, nearly 53 % were made using credit and debit cards. The credit cards accounted for only 21%, while debit cards constituted 32% of total volumes. Online travel bookings, financial services and e-retailing are the main purposes for using digital payments. The online travel industry contributes nearly 60% of all digital payments, followed by financial services and e-retailing. Digital downloads like eBooks, music, movies, contributed 4 % to the total volume..
The report also notes that Delhi, Mumbai, Kolkata and Chennai make up 60% of the total digital payment market size in India.