A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago
India has witnessed the fastest jump in alternative payment share for e-commerce payments in the Asia-pacific region from 20.4% in 2018 to 58.1 %in 2023 as per a report by GlobalData, a data and analytics company.
Options for payment other than traditional cash include UPI, debit cards and credit cards among others.
Elevate Your Tech Prowess with High-Value Skill Courses
Offering CollegeCourseWebsiteIndian School of BusinessProfessional Certificate in Product ManagementVisitMIT xPROMIT Technology Leadership and InnovationVisitIIT DelhiCertificate Programme in Data Science & Machine LearningVisit«This significant uptake of alternative payment solutions can be attributed to the widespread usage of mobile wallets, largely driven by UPI, which facilitates mobile payments in real-time simply by scanning QR codes,» GlobalData report elaborated.
The report highlights that in the Asia-Pacific (APAC) region, the payment solutions such as mobile and digital wallets have displaced traditional payment methods like cash and bank transfers on e-commerce payments.
The report states that such alternative payments are already popular in countries like China and India and are gaining traction in other APAC markets as well.
China has however led the way in 2023, with alternative payments accounting for nearly two-thirds of the total e-Commerce payments value in 2023 in the entire Asia Pacific region. However, India is also not behind with a significant surge in alternative payment methods since the year 2018.
The e-commerce
