India fastest in non-cash payment share on e-commerce platforms, increasing by more than 58% in 2023
India has seen the fastest jump in the share of non-cash payments on e-commerce platforms in the Asia-Pacific region, from 20.4 percent in 2018 to 58.1 percent in 2023, a new report said. According to data and analytics company GlobalData, this surge can be attributed to the widespread use of mobile wallets, largely driven by UPI (Unified Payments Interface) by simply scanning a QR code, IANS reported. Enables mobile payments in real time.
Most Asian markets are traditionally cash-intensive
The report highlights that alternative payments are already popular in countries like China and India, and are becoming popular in other Asia-Pacific markets as well. Shivani Gupta, senior banking and payments analyst at GlobalData, said that while most Asian markets are traditionally cash-dominant, the adoption of alternative payment methods for both online and in-store payments is growing in many markets in the region, which is comparable to the West. Is getting ahead of. He said this trend is being driven by increasing smartphone and internet penetration, increasing convenience of electronic payments and proliferation of mobile and QR code-based payment solutions.
Trend even in cash-dominated countries
Additionally, the report revealed that similar trends are being seen in cash-intensive countries in the region such as the Philippines, Malaysia and Indonesia. Gupta said alternative payment solutions hold the largest share of e-commerce markets in many Asia Pacific countries, supported by increasing internet and smartphone penetration and increasing acceptance of digital payments by merchants.
He also mentioned that the convenience, speed and security they provide, along with the high expected growth in the overall e-commerce market in the region, will allow these payment instruments to gain more momentum and disrupt the consumer payments sector in the region. Expected to do.
