Similar to China, metro India has leapfrogged the credit-card stage to the digital retail payment riding on young consumers, a new report has emphasized. Forrester forecasts that the number of online buyers in India will grow at a compound annual rate of 17% from 2018 to 2023 -- the fastest-growing online retail market. Older generations still prefer to use cash on delivery and hesitate to pay digitally when shopping online.
The fast growth of digital retail payments in India should be credited to the country's advanced digital retail payments infrastructure. Examples include UPI and BharatQR standardized QR code which provides merchants low-cost transactions without having to install expensive POS (point of sale) terminals. In 2019, 37% Indian online shoppers purchased an item from a website outside of their home market.
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