Talking about its initiation towards being digital and its impact on the market is tremendous. Over the course of the last decade, India has laid down the digital infrastructure pipelines – so much so, that today** Digital activity **has become part of daily lives of over half the country and has enabled India to circumvent the challenges posed by its poor physical infrastructure.
Be it bank accounts, KYCs, daily transactions, accessing government services, education services, and even Covid vaccinations, all of this is now digitally led in India. Just to put things in perspective, India has the highest volume of real time payment transactions with over 25 billion transactions in 2020.
China was next at about 16 billion transactions in 2020! In such a scenario, it can be said that India is now on the path to becoming the largest digitize business hub in less than twenty years. Covid-19 also plays an essential role to help India in rolling out the digitalization aspects. It has acted as an accelerator for the adoption of the digital economy.
In every sector and in every business aspect, digital activity has become extremely important and relevant as this was the only way for consumers to access products and services and for businesses to operate. Pandemic has accelerated growth in the digital space! Siddharth Mehta founder and CIO of Bay Capital said that.