The Indian market can be a significant boost for Bitcoin in the coming decade. Many people are well aware this region is prone to disruption, due to the boom in smartphone adoption. Moreover, digital payments are becoming more important every day. Giving consumers and merchants access to a unified ecosystem would be a significant step forward for India, and Bitcoin can make that happen.
India is a very interesting country when it comes to payments and technology. Although financial services are available in the country, there are many people excluded from it. On the technology side, there is little computer usage, as most consumers flock to smartphones with mobile data plans. Oddly enough, that combination is a lot cheaper in India compared to getting broadband Internet and a home computer.
Digital Payments Take Off In India
This sudden shift in commerce has created a vacuum that needs to be filled over the coming years. Mobile commerce has been thriving in India, and it will continue to grow. In fact, analysts expect India to reach a US$500bn digital payments economy by 2020, which will be upon us sooner than most people think. This digital payments market will represent 15% of India’s GDP, which is quite an interesting factor to take into account.
But a boom in smartphone adoption and affordable mobile data plans are not the only driving factor for digital payments. The Indian government maintains a progressive regulatory policy, which creates a viable ecosystem for innovation and competition. Thanks to that approach, the majority of existing digital payments users prefer this form of payment compared to other non-cash options.
That means that payment cards, cheques, and anything else that can replace cash in a physical form will not have much of success in India moving forward. That being said, this is a golden opportunity for Bitcoin, as it is a pure digital payment solution that has a global appeal. Bitcoin can be used on smartphones, computers, and most other devices, as long as there is an Internet connection.
One thing that may hinder Bitcoin adoption in India is whether or not consumers and merchants find it convenient enough to use. Once people get the hang of it, Bitcoin is as straightforward as any other digital payment option in the world. Plus, it is very easy to track expenses, and there is no hassle of change, as the network settles that automatically. Companies active in the Bitcoin scene may want to keep a very close eye on India over the coming years, that much is certain.
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