The 2022 Global Payments Report conducted by fintech company FIS has mentioned that digital wallets are overtaking cash in India.
According to the report, digital wallets will become more popular than cash in India by 2023, accounting for around 50% of the ecommerce transactions in the country. In 2021, digital wallets held a market cap of around 45.4%, followed by debit cards with 14.6%, and credit/ charge cards with little over 13%.
As far as the preferred digital wallets by Indian customers, local names like Paytm and PhonePe compete with giants like Google Pay, Amazon Pay, and Samsung Pay. Bank transfers and debit cards still retain a meaningful share of the ecommerce market, while cash continues to be a vital component of the digital payment ecosystem.
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