Mumbai: According to a new report released on Wednesday, it said that by 2025, digital payments collectively in India would account for 71.7  percent of overall payments volume, leaving cash and cheques at 28.3  percent,

In 2020, the transaction volume share in India stood at 15.6  percent and 22.9  percent for instant payments and other electronic payments respectively, while paper-based payments had a considerable share of 61.4  percent, said the report from US-based electronic payments company ACI Worldwide and data analytics and consulting company GlobalData.

In 2020, the transaction volume share in India stood at 15.6  percent and 22.9  percent for instant payments and other electronic payments respectively, while paper-based payments had a considerable share of 61.4  percent, said the report from US-based electronic payments company ACI Worldwide and data analytics and consulting company GlobalData.

This is poised to change by 2025 share of volume by instant payments and other electronic payments is expected to rise to 37.1  percent and 34.6  percent respectively, leaving the volume of paper-based transactions at 28.3  percent.

Furthermore, by 2024 the share of real-time payments volume in overall electronic transactions will exceed 50  percent, according to the report.

"India's journey of creating a digital financial infrastructure has been characterized by collaboration between the government, the regulator, banks and fintech," Kaushik Roy, VP and head of product management, Asia, Middle East and Africa, ACI Worldwide, said in a statement.

India inc mop up record Rs 1,88,900-Cr in equity capital this fiscal

UN Report: India's 2021 economic output may remain below 2019 level

Fitch Ratings upgrades India’s FY22 GDP growth forecast to 12.8 percent