The Indian digital payment ecosystem has been swelling in the last few years but will grow significantly by FY26, said a report by Redseer Consultants and Pine Labs. Indian households will make half of their payments digitally in three years. As of now, 35% of payments are made via digital modes.
The report said that customers use digital payment methods in 80% of grocery, food delivery, and travel transactions. With mobile phones facilitating seamless P2M payments, digital transactions by households are estimated to cross around 50% by FY26.
FY26 will be a landmark year for digital payment adoption, according to the report. As of FY23, around 400-450 million people performed online transactions, which is expected to rise to 700-750 million, reported Business Insider.
Additionally, unique mobile payment users who use UPI or wallets are expected to almost double from 350-380 million to 650-700 million in three years.
Buying Online & Paying Digitally
One of the biggest boosts to digital payments comes from online retail. According to Jasbir Juneja, partner at Redseer, the research suggested online shoppers in India are expected to grow by 50% in the next three years to reach over 30 crore by FY26, further paving the way for online payments.
The other popular services that people pay digitally for are food delivery and mobility, represented by cab and bike aggregators. Businesses are also taking to the trend. Around 75% of the 70 million businesses are digitally enabled, and the number is projected to rise to 85% by FY26.
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2023-06-09 12:34:11.0
Indian Homes Expected To Make Half Their Payments Digitally In Three Years
