Digital payments in India are expected to grow over three-folds to Rs 7,092 trillion by 2025 according to a recent research report, majorly due to government policies around financial inclusion and growing digitization of merchants. However, with the ongoing COVID-19 pandemic, this has even further accelerated the digital payments landscape.
When you delve deeper into digital payments, cashless systems, tokenized economies and banking, you won’t miss hearing about blockchain technology. This technology promises a practical solution to the challenges of storing, managing and protecting data.
In Deloitte’s 2020 Global Blockchain Survey, 55% of respondents mentioned that Blockchain will be one of their top 5 strategic business priorities for the next 24 months. While it has a lot of potential applications in diverse sectors, it is more prominent in financial payments – primarily known for its use with digital currency. However, the lack of awareness about its applications, and the lack of trust in any new technology – has led us to only scratch the surface of the technology in India so far.
Blockchain – The agent of change
A large portion of the Indian population, as well as traditional businesses, have been embracing new digital payment modes. This has also paved the way for an ecosystem of technologically evolved and savvy users. Blockchain is no longer seen as a technology experiment but as an agent of change. When it comes to cross-border payments, blockchain helps streamline the entire process by cutting out all middlemen. This eliminates the burden of unnecessary