Digital Payments accelerate in India
The coronavirus pandemic has prompted an unprecedented shift to digital across the world – from the rise of remote working to teleconferencing improvements and an emphasis on digital operations – and now, in India, a long-desired switch from currency to cards.
In a country where three out of four transactions take place using cash, increasing digital payments has featured firmly on the agenda. However, despite a 2016 attempt to push the public online by invalidating large denomination banknotes, it wasn’t until the recent fear of contagion that Indian consumers began to prefer digital payments.
Three-quarters of Indian consumers reported greater use of digital payments during the pandemic, with 78% expecting to continue increasing online payments in the future. Although cash is still king, and there’s a long way to go before India’s economy embraces digital payments to the same extent as, say, China, the switch to digital presents an opportunity for data-driven products, regulation and innovation.
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