India is beginning to reap the benefits of an ambitious national programme of digitalisation that is being actioned at breakneck speed. BNP Paribas India is bullish about the long-term impact of the initiative on the country’s economy and is itself being highly proactive in leveraging the fast-increasing levels of digital connectivity to deliver novel solutions for its corporate clients, not least across transaction banking.
The rapid digital transformation of India over the last decade has played a major role in supporting the country’s healthy economic performance in recent years. While it is widely expected to continue accelerating and paying off handsomely for India over the long term, digitalisation is already having a profound impact on many fronts, not least in payments innovation and transaction banking.
India now accounts for nearly 40% of all digital transactions globally. In less than 10 years, there has been a seismic shift away from a paper-based cash management, driven in no small part by the introduction of electronic payment systems which run 24/7/365 – with instant capabilities on tap.
A crucial aspect of the country’s successful digital transformation is that the needs of the consumer have been central to its design and implementation. As a result, government-backed payment platforms are proving generally popular. And that, in turn, is supportive of consumers and retailers wanting to use the most accepted payment methodologies, helping to build critical mass.