Opinions expressed by Entrepreneur contributors are their own.
A joint white paper published by EnKash, a prominent corporate cards and spending management platform, and Kearney, a consultant services provider, has said that the current business spending market in India is expected to reach at $15 trillion by the end of this decade. The report also stated that Covid-19 triggered a new digital dimension to businesses by aiding the migration from physical presence to online marketplace and also, increased adoption of digital payment methods and emergence of new age players who are enabling the transition at the micro level, and increased cross-border remittances.
Pexels
“Given the thriving small and medium business landscape, it is critical that their adoption is encouraged and enabled through the technological, government enabled and regulatory interventions. We hope this paper starts a conversation towards this end, helping the industry surpass the $15 trillion estimates,” said the executive summary of the whitepaper.
While acknowledging the Indian economy’s sharp growth as the fifth largest economy in the world, the whitepaper stated that it was possible due to the transition into a manufacturing and services-enabled economy. It also added that while demonetization urged businesses to explore alternatives to physical modes of payment, the pandemic normalized it as business as usual and helped gain wider acceptance.
“The business spending market in India is at an inflection point with an ever-emerging need to transform age-old processes in business spends management. Through this insightful whitepaper in association with Kearney, we aim to identify the key challenges and list down potential solutions that will drive the digitization of the business spending value chain,” said Hemant Vishnoi, co-founder of EnKash India, in a statement during the launch of the whitepaper.
