Online payments see considerable increase in India: Study

Indians are now moving away from traditional methods of payments including cash and card payments to choose alternative forms like payment wallets, a study conducted by global financial services firm FIS said.

As per this study, over 37% prefer using alternative payment methods other than PayPal. Another 2% use PayPal. The use of credit cards, debit cards and bank transfers come after payment applications. Google Pay and Paytm are two of the most used payment applications used by Indians.

The same study suggests that 40% people used wallets in 2020 and that can go up to 47% in 2024. The findings of this study are similar to that of the finding of the National Payments Corporation of India (NPCI) and People Research on India’s Consumer Economy (PRICE) study on digital payments.