India
Cards, Digital Wallets Dominating Cashless Payments Method
Population
India had an estimated population of 1,380,004,385 as of the middle of 2020, according to UN data. Based on Worldometer elaboration of the latest UN data in 2021, the country had a population of 1,388,753,057, with 35% living in urban areas, mainly in Mumbai, Delhi and Bangalore. The median age of the population was 28.4 years.
E-commerce
According to IMF data, India had a gross domestic product of $2.87 trillion in 2019, which declined to $2.59 trillion in 2020 due to the pandemic. As the economy continues to recover, the GDP is expected to expand to about $2.83 trillion in 2021.
Payment preferences
Most Indian shoppers prefer to pay by card (32%), followed by e-wallets, bank transfers, cash, and other payment methods. For cashless payments, the biggest player is Visa (45%), followed by Mastercard, local schemes and Amex, according to PPRO APAC.
Economy
According to IMF data, India had a gross domestic product of $2.87 trillion in 2019, which declined to $2.59 trillion in 2020 due to the pandemic. As the economy continues to recover, the GDP is expected to expand to about $2.83 trillion in 2021.
Internet & mobile phone trends
According to Statista, 54% of the population aged 20 to 39 had internet access in 2019, while only 14% of those aged 12 to 15 went online regularly. According to Datareportal, there were 624 million internet users in India in January 2021, with internet penetration standing at 45%. Meanwhile, smartphone penetration stood at 36% at the end of 2020, according to the PPRO APAC Report.
Banking
According to data compiled by PPRO APAC, 80% of Indians had bank accounts in 2020, with only 3% of them credit card folders.