October 13, 2015
With so much going on in the Indian economy driven by initiatives through multiple stakeholders (growing day-by-day), this is a humble attempt to reflect my thoughts on what the future of payments could be in the days ahead and help stakeholders formulate strategies based on the same. The inference is based on primary and secondary data that I had purview to and I leave it to your judgment to receive what is plausible.
A Peep Into India's Consumer Demographics
The table below helps draw a conclusion that India will be the most populous country with a high population density in urban centers. India will remain a net emigrant country over the next few decades. Urbanization will grow from 33% in 2015 to 52% by 2050.
As per a McKinsey study way back in 2010, the urbanization will be driven by existing cities and new cities being created. Few states are expected to achieve the status of 50% urbanization by 2030, with at least 13 cities expected to have a population of 4 million plus. The GDP of some of the states will mirror that of o ...