Digital transactions can be double in the country in the next four years, according to survey | The News Cover

News Cover: When Prime Minister Narendra Modi takes the decision of demonetization, he said to give important to digital money instead of cash. His claim was that the economy would be stimulated, financial transparency would increase. According to a recent survey, digital money transactions will be double in the next four years. The survey indicates that this year the digitization of digital transactions in India could be $ 6,840 million. By 1923 the figure will reach $ 13.5 billion. 

According to a joint survey of two renowned industry, Digital transactions will increase in India in the next four years, so that India would be the first in the world in digital transaction. The annual growth rate of 20.2 percent will be the fastest, claiming that survey. China and America are likely to grow after India's growth rate. China's growth rate could stand at 18.5 percent and in the United States 8.6 percent. Although India is ahead in the growth rate of the transaction, the country will be far behind in the total transaction volume. China is the first to be so far in this regard. Their total digitized payment is $ 1 lakh 56 thousand US dollars.

According to the survey, with the world's digital transactions, the share of India could be 2.02 percent. Currently, the rate is 1.56 percent.

According to the survey, the way in which the payments are being invented in the world by leveraging technologies like Digital Commerce, Artificial Intelligence, Internet of Things, Real-Time Payments, it will lead India a lot in the future.

Telecom companies, banks, wallet companies, and e-commerce businesses are getting the most oxygen in digital transactions. According to the survey, prepaid Instrument Organizations can bring more speed to digital transactions in the country. If the internal connection can be established or inter-operability can be introduced among them, then the path of the transaction will be much easier. In the country, the number of such prepaid instrument companies, who pay the money to ordinary people, is about 50. The survey also said that the number will increase even further.