look news india
New Delhi: As digital payment processing in India is growing rapidly, retail digital payments in the country are expected to double from current levels to $7 trillion by 2030, according to a report.
The adoption of digital payments in online shopping is likely to lead to a permanent change in consumer behaviour, boosting offline shopping as well, says the report 'How Urban Indians Pay'.
While 90 percent of those surveyed prefer digital payments when shopping online, affluent consumers use digital payments the most. Such customers use various digital payment methods for 80 percent of their transactions.
According to the report, the younger generation is ahead in adopting all types of digital payment instruments. Both men and women use digital payments in about 72 percent of their transactions, which shows gender equality.
The research is based on an online survey of over 6,000 consumers and over 1,000 merchants, both offline and online, across 120 cities.
The e-commerce sector in India is booming with a market value of $75 to $80 billion in 2022. It is expected to grow at a rate of 21 per cent annually until 2030.