, India

1 in 4 e-commerce transactions in India use alternative payments

Cash makes up barely 1 in 10 of transactions, according to GlobalData.

Alternative payment solutions are consistently gaining popularity amongst Indian e-commerce customers over the past 5 years, reports data and analytics company GlobalData.

Payment cards have emerged as the second most popular e-commerce payment method in India, making up 1 in 4 (25.7%) of all e-commerce payments in 2023. Popular brands include Amazon Pay and Google Pay. 

Credit and change cards, meanwhile, accounted for 15.4% of the share in the same year.

Cash now only makes up 6.2% of online purchases in India. 

ALSO READ: Mastercard and Alipay enable real-time remittance in over 180 markets

The rise of mobile e-commerce payments was thanks to government initiatives such as “Make in India” and “Startup India”, as well as the rise of online shoppers, GlobalData said. E-commerce retailer Flipkart anticipates that its online shopper base in India will increase to 400 million to 450 million by 2027.

“The uptrend in e-commerce sales in India is likely to continue over the next few years supported by the growing consumer preference, improving payment infrastructure, and growing popularity of alternative payment solutions with these solutions dominating the ecommerce payment space over the next few years,” says Ravi Sharma, lead banking and payments analyst at GlobalData.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Top News

APAC’s affluent move $700b to digital wealth management
These firms are adopting hybrid models that combine digital tools with limited human assistance.
Vietnam digital bank Cake debuts cloud connect CMS with Visa
It is the first bank to implement Visa Cloud Connect on Google Cloud Infrastructure. 
Cards & Payments
Hong Leong Bank's profit outlook positive amidst SME lending boost
It is projected to maintain tangible common equity at approximately 14% of risk-weighted assets.
Retail Banking
Banks gain 50% more tech capacity with productivity focus
Generative AI tools to streamline tasks can yield productivity gains of up to 30%.
Economy