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Digital payments will grow to 71.7% of all transactions by 2025: Report

Cash and cheques, the other payment alternatives, will occupy only 28.3 per cent share, the report by ACI Worldwide, which provides payment solutions to corporations, said.

March 31, 2021 / 03:40 PM IST

Digital payments will grow at a rapid pace over the next few years and account for a 71.7 per cent share of all the payments in India by 2025, a report said on Wednesday.

Cash and cheques, the other payment alternatives, will occupy only 28.3 per cent share, the report by ACI Worldwide, which provides payment solutions to corporations, said.

The report claimed India was ahead of China with 25.5 billion real-time payments transactions in 2020, compared to the northern neighbour''s 15.7 billion.

Of the overall payments in 2020, instant payments accounted for a 15.6 per cent share, 22.9 per cent was other electronic payments and paper-based payments commanded a 61.4 per cent share, it said.