Alternative payments landscape in India
Although India still remembers being heavily cash-centric, the recent few years have driven it further down the cashless payment road. In our recent case study, we’re looking at how India’s alternative payment landscape is shaping today and where it is expected to go in the nearest future.
India’s demonetisation policy came into effect 5 years ago. As a result, by 2019, electronic transactions tripled led by debit cards, digital wallets and bank transfers. According to GlobalData, digital wallets are “gradually displacing” cash and card use in India. By 2024, they’re expected to reach a total transaction value of $1.4 trillion.
Today, the highly competitive industry includes over a hundred different apps. However, it’s currently dominated by home-grown names like PhonePe, Paytm and Jio Pay, as well as several big international brands, including Google and Amazon.
And since India is one of the world’s most mature telecommunication industries, the dominating telcos have also been launching their digital wallets. And there’s more opportunity lying ahead for them as direct carrier billing only starts to gain traction in the market where only a little over a quarter of the population has access to a smartphone.
Download our case study to learn more about what drives India’s digital payment growth – and what hinders it:
- What are the most popular digital wallets in India
- What role digital carrier billing is expected to play going forward and what opportunities it could open
- What are the challenges for digital payment methods taking into account the low smartphone penetration
- What’s India’s government’s role in pushing digital payment methods, and what this means for privately-owned companies entering the market