eSpending To Touch $100 Bn By 2020; But 1.5 Lakh eTransactions Are Attacked Daily!
India is well and truly going full-steam ahead on the digital payments highway, but online security remains a concern.
Two very interesting reports have emerged, on the same day.
While a Google Report predicts that Indians will spend $100 billion online by 2020, another report from the Govt. states that 1.5 lakh e-transactions are compromised daily.
This clearly means that we need more safety and security, digitally.
Google: $100 Billion Online Spending By 2020 In India
Google India and The Boston Consulting Group (BCG) has predicted that Indians will spend $100 billion online, by 2020.
The report titled ‘Digital Consumer Spending in India: A $100 bn Opportunity’ says that right now, India is no doubt behind US and China in digital payments, but the trend will pick up as cheap data plans and cheaper high-end smartphones are making inroads.
As per the report, only one in five Indians is spending online, whereas four in five in the US and three in five in China are eager online spenders.
In India, only 5-10% of monthly expenses are spent online.
Nimisha Jain, partner and director, BCG, India said,
“There is a clear evolution as consumers move from awareness of online platforms to their first purchase and further down to become more frequent buyers—triggers and barriers to online purchase evolve with each stage.”
Some interesting highlights from the report:
- Movie and train tickets are niches where maximum online spending happens, followed by apparels and accessories.
- Ecommerce, travel and hotels, financial services and digital media would be the key to higher online spendings in coming years
- By 2020, women eshoppers will increase 2.5 times; and people above 35 years will increase 3 times
- Tier 2 and 3 cities will command 50% market share of online spending by 2020
1.5 Lakh eTransactions Compromised Daily!
Meanwhile, Govt has informed the nation that although digital transactions and online spendings are increasing in India, hacks and compromises for the same are also increasing, at the same pace.
During a IT ministers’ conclave, Gulshan Rai, National Cyber Security Coordinator said that 1.5 lakh e-transactions are compromised daily. Overall, 230 crore transactions are happening.
The main reasons for such compromises on online transactions have been attributed to phishing attack, ransomware, IP address manipulation, among others.
In order to track and stop such attacks, CERT-In has established 54 security auditing organisations across the nation.
We had recently reported that digital transactions has touched $2 trillion mark in India.