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A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago

Economic TimesEconomic Times · 5m
A report shows, India's non-cash payments on ecommerce platforms surge to 58.1% from 20.4% six years ago

India has experienced a significant increase in the use of alternative payment methods for e-commerce transactions. According to a report by GlobalData, the share of alternative payment methods in India has jumped from 20.4% in 2018 to 58.1% in 2023. This growth can be attributed to the widespread usage of mobile wallets, particularly the Unified Payments Interface (UPI), which enables real-time mobile payments through QR codes. Other countries in the Asia-Pacific region, such as China, are also seeing a surge in the adoption of alternative payment solutions. This trend is driven by the increasing accessibility of smartphones and the internet, as well as the convenience of electronic payments.

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