A report out this week has predicted that India will see a tenfold increase in digital payments between now and the end of the decade. That will see a rise to $500bn annually and see the GPD of India rise by 15%. However, unless more trust is built between consumers and banks, this prediction might not come to pass.
Payment industry commentators have often pointed to economies such as India and China as places of great innovation and progress. Just as nature abhors a vacuum, so does economics. Where there is a gap in the market, it will be filled. And this is what has happened in countries such as India where mobile technology has offered financial services to those who previously lacked them.