The growth of online payments in China and India associated with the cryptocurrency
A study conducted by BNP Paribas and digital consulting firm Capgemini, showed that in countries such as China, India and South Africa, have significantly increased the volume of cashless transactions.
Compared to the previous year the volume of payments increased by 33.2% in India of 25.8 percent in China and 15.1 percent in South Africa, with a global increase of about 10%.
The reasons for this phenomenon is complex, including the proliferation of mobile payments and the efforts of local authorities to improve financial integration. But cryptocurrencies are also counted among the growth factors, the website 8BTC.
China and India, which marked the largest surge of non-cash transactions, known for its strict rules in relation to cryptocurrency: in both countries there is an official ban on cryptocurrency exchanges. Most likely, he has promoted the use of p2p networks, and cryptocurrency services-counter (OTC) as alternative methods of payment.
According to the forecast of BNP, China will overtake the US in mobile payments in 2021 and will take a leading position in the world.
Another important factor in the growth of cashless payments is that many large banks of China and India began to implement blockchain technology, and projects, or otherwise associated with cryptocurrencies, such as Ripple from the company.