India's non-cash payment on e-com platforms rose over 58 pc in 2023: Report
India has witnessed the fastest jump in alternative remittance share for e-commerce payments in the Asia-Pacific (APAC) region, from 20.4 per cent in 2018 to 58.1 per cent in 2023, a new report has said.
IANS
Jun 18, 2024 12:29
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New Delhi, June 18 (IANS) India has witnessed the fastest jump in alternative remittance share for e-commerce payments in the Asia-Pacific (APAC) region, from 20.4 per cent in 2018 to 58.1 per cent in 2023, a new report has said.
According to the data and analytics company GlobalData, this jump can be attributed to the widespread usage of mobile wallets, largely driven by UPI (Unified Payments Interface), which enables mobile payments in real time simply by scanning QR codes.
The report highlighted that alternative payments are already popular in countries like China and India, and are gaining traction in other APAC markets as well.
"While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, outpacing the West," said Shivani Gupta, Senior Banking and Payments Analyst at GlobalData.
"This trend is driven by the rising smartphone and Internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions," she added.
In addition, the report revealed that cash-intensive countries in the region such as the Philippines, Malaysia, and Indonesia, are also witnessing a similar trend.
"Alternative payment solutions account for the lion’s share in e-commerce markets across many APAC countries, supported by rising Internet and smartphone penetration, and growing acceptance of digital payments by merchants," Gupta said.
She also mentioned that with the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, "these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region."
--IANS
shs/rad
