World Payment Report 2017: China is ahead of India in Digital Payment
As per the World Payments Report 2017, China is likely to be ahead of India in digital payment. It is a stunning remark in the backdrop of a major push in digital payment by Indian government following the Demonetisation.
The World Payments Report 2017 states that china will see a stable growth of 36 percent in digital transactions during 2016-20 while India is likely to grow up at an average of 26.2 percent during the same period.
About World Payment Report 2017
World Payment Report is result of collaboration between Capgemini and BNP Paribas. Both are renowned leader in business banking and cash management. The report contains the report about digital payment and transaction all around the world and their progress in that way.
Highlights of Report
As per the report, China has jumped to the 3rd place with 38.1 billion transactions in 2015, whereas, India recorded transaction of 4.5 billion during the same period.
It is estimated that a India may have 25 billion non-cash transactions for 2017-18, with priority areas being mobile, subsidy transfers, government benefits and micro-payments.
The break-up of the 25 billion non-cash transaction is likely to come from card transactions- 11 billion (44 percent), mobile transfers- 6 billion (24 percent), and online transfers- 8 billion (32 percent).
Globally, Debit cards account for 46 percent of non-cash transactions followed by credit cards with 19.5 percent in 2015.
Report also mentions that leading payment providers from China may come into other regional markets for higher margins. “For examples, China’s Ant Financial, an Alibaba affiliate company, is trying to buy Moneygram and Tencent plans to invest in the Indian e-commerce and e-wallets market”.
Having more than 190,000 people, Capgemini presence is in over 40 countries and celebrates its 50th Anniversary year in 2017. Capgemini is international leader in consulting, technology and outsourcing services, the Group reported 2016 global revenues of EUR 12.5 billion.
About BNP Paribas and BNP Paribas Cash Management
BNP Paribas offers cash management services to more than 40,000 corporate clients around the world. Through its local presence on all continents, BNP Paribas is able to accompany corporates across the world.