According to the research, 41% of the consumers chose to pay online for their goods ahead of the holiday season, while only 26% opted for cash and 23% for debit or credit card payments.
Over 3.5 billion transactions were recorded through the Unified Payments Interface India (UPI) only in October 2021, up to 100% more than the same period of the previous year.
The report mentions that Indian consumers have shifted from their cash preferences to convenient payment methods such as BNPL or tap-to-pay. The new paradigm can be assigned to the second year of the COVID-19 pandemic, as well as a steady growth of merchant digitalisation, with millions of Indian medium and small-sized businesses making their debut in e-commerce in 2021.
Experts also state that the next growth phase in the Indian UPI will be the AutoPay feature, allowing recurring payments of up to USD 67 (Rs 5,000).
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