{"id":16079,"date":"2024-07-15T21:00:57","date_gmt":"2024-07-15T15:30:57","guid":{"rendered":"https:\/\/urbanacres.in\/?p=16079"},"modified":"2024-07-15T21:00:57","modified_gmt":"2024-07-15T15:30:57","slug":"digital-payments-surge-india-set-for-usd-7-trillion-by-2030","status":"publish","type":"post","link":"https:\/\/livzzy.in\/?p=16079","title":{"rendered":"Digital Payments Surge India Set for USD 7 Trillion by 2030"},"content":{"rendered":"

India’s digital payments landscape is poised for substantial growth, with retail digital payments expected to double to USD 7 trillion by 2030, according to a recent study conducted by Kearney in collaboration with Amazon Pay. The report, titled “How Urban India Pays,” highlights the burgeoning digital adoption across the country, driven by a significant shift in consumer behaviour towards online and offline digital transactions.<\/strong><\/p>\n

The study underscores that digital payments have become deeply entrenched in India’s urban centres, with a marked increase in usage across various demographic segments. Notably, 90% of respondents indicated a preference for digital payments for online purchases. Affluent consumers are at the forefront of this digital revolution, utilising digital payment methods for 80% of their transactions, reflecting the highest Degree of Digital Payment Usage (DDPU). The report reveals that Millennials and Generation X are the primary adopters of diverse digital payment instruments. Additionally, there is a notable gender parity in digital payment usage, with both men and women using digital payments in approximately 72% of their transactions. The research was based on an extensive survey involving over 6,000 consumers and more than 1,000 merchants, conducted both online and offline across 120 cities. The survey encompassed a wide range of regions, income groups, city categories, age brackets, and genders.<\/p>\n

India’s e-commerce sector, valued between USD 75 billion to USD 80 billion in 2022, is projected to grow at a compound annual growth rate (CAGR) of 21% until 2030. This rapid growth is mirrored in the retail digital payments sector, which has seen a dramatic increase from USD 300 billion in FY18 to USD 3.6 trillion in FY24. The report projects that by FY30, this figure will reach USD 7 trillion. The Unified Payments Interface (UPI) has been a pivotal driver of this growth, with a remarkable CAGR of 138% in transaction volumes from FY18 to FY24. Other digital payment instruments, such as cards and digital wallets, are also gaining traction, currently contributing 10% of the digital transaction value.<\/p>\n

The study highlights India’s leadership in the global digital payment arena, accounting for 46% of global digital transaction volumes in 2022. This growth is not confined to metropolitan areas; digital payments have also permeated small towns, where 65% of transactions are conducted digitally. In contrast, respondents in larger cities reported a slightly higher ratio of digital transactions. The study by Kearney and Amazon Pay underscores the transformative impact of digital payments on India’s economy, projecting robust growth and continued innovation in this sector. The findings suggest that India’s digital journey will significantly shape its financial landscape in the coming decade, making it a global frontrunner in digital payments.<\/p>\n","protected":false},"excerpt":{"rendered":"

India’s digital payments landscape is poised for substantial growth, with retail digital payments expected to double to USD 7 trillion by 2030, according to a<\/p>\n","protected":false},"author":1,"featured_media":16080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[146,147,53241],"tags":[],"class_list":["post-16079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest","category-news","category-urban-digitalisation"],"_links":{"self":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/posts\/16079","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=16079"}],"version-history":[{"count":0,"href":"https:\/\/livzzy.in\/index.php?rest_route=\/wp\/v2\/posts\/16079\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=\/"}],"wp:attachment":[{"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=16079"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=16079"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/livzzy.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=16079"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}