India Profile: Cards, Digital Wallets Dominating Cashless Payments Method

02 Nov, 2020 . 4 minutes



India's population is 1.36 billion with an average age of 28 as at the end of 2019. By the end of 2020 the population in the 0 years to 14 years age group will be 26.16 percent, 15 year-59 years 63.72 percent and 60 years and above is 10.12 percent. India's citizens like to buy high-quality stuff online and the sector is currently worth $36.5 billion. Their cross-border shoppers mostly buy commodities online from the US, the United Arab Emirates and Hong Kong.

India’s internet penetration rose to 24.6 percent in 2019 thanks to low-budget smartphones and data plans. Mobile commerce is the primary payment method for online shoppers and already used for 46 percent of transactions. In app transactions dominate with 82.4 percent of all completed transactions. The compound annual growth rate of mobile commerce in India will expand at 31.2 percent and be worth $49.8 billion by 2021. Demand for cashless payment in India is rising with cards and digital wallets. With 29 percent of transactions worth $10.6 billion in sales cards are currently the most-used payment method. Meanwhile, digital wallets are predicted to take a 34.8 percent share of sales with a CAGR of 80 percent by 2021.




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