According to The Indian Express, contactless and digital payments have continuously grown in India over the last 18 to 20 months, with COVID-19 only increasing that trend. During the pandemic, Indians have started rethinking how to handle cash, and cashless and digital payments seemed more secure with a minimum physical contact between the seller and shopper. Besides, countries like India are witnessing greater acceptance for mobile payments thanks to the growth of smartphone sales in the country.
Additionally, some shops and ecommerce platforms refuse to accept cash, urging consumers to pay by tapping their cards to a POS terminal or a digital wallet like Paytm and Google Pay. Although there is no information on how many Indians use contactless payments, it is estimated that 25% of cards in circulation are contactless.
Moreover, India’s transit system is also expected to shift to contactless and digital payments in the post-COVID-19 world. For example, metro corporations in Delhi and Mumbai are expected to shun physical tokens and instead implement a contactless ticketing system using only metro cards.
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