Over the next five years the share of e-bill payments in total bill payment is expected to rise from 0.5% in 2014 to 2.7% in 2019.
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While the government is looking to reduce the usage of cash and push cards or online transactions for payments, a report prepared by Motilal Oswal Financial Services points that e-bill payments is expected to grow at a fast pace.
While the total bill payment market in India is likely to grow by 50% to Rs 9,300 billion by 2019, the e-bill penetration, which currently stands at Rs 33 billion is expected to growth at compounded annual growth rate of 50% over the next five years and amount to Rs 250 billion. Over the next five years the share of e-bill payments in total bill payment is expected to rise from 0.5% in 2014 to 2.7% in 2019.
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