India’s digital payment system will be worth around $ 500 billion by 2020, contributing to a whopping 15% of the country’s GDP in four years, said Telangana and Andhra Pradesh Governor E.S.L. Narasimhan.
The Governor inaugurated a training programme on ‘e-Payments, Financial Inclusion, and Social Security’ for civil servants from ASEAN countries, including Indonesia, Cambodia, Myanmar, Thailand, and Malaysia. The first training programme for a global audience is being conducted by Dr. MCR HRD Institute.
Mr. Narasimhan said enhanced internet connectivity and high rate of penetration of smartphones gave a big boost to the use of e-payments and e-commerce, which brought in their wake multiple beneficial outcomes. He added that surging tide of digitisation and electronic payments will result in sustainable growth only when their focus is on ameliorating the most vulnerable and disadvantaged sections of the society.
“Empowering the weaker sections in terms of their education, health, and economic profile, will make them more productive, increase their purchasing power, and ultimately result in higher GDP,” he said.