SME Times is powered by   
Search News
Just in:   • Adani Group to invest Rs 57,575 crore in Odisha  • 'Dollar Distancing' finally happening? Time for India to pitch Rupee as credible alternative: SBI Ecowrap  • 49% Indian startups now from tier 2, 3 cities: Jitendra Singh  • 'India ranks 3rd in global startup ecosystem & number of unicorns'  • LinkedIn lays off entire global events marketing team: Report 
Last updated: 19 Jun, 2024  

E.Commerce.9.Thmb.jpg India's non-cash payment on e-com platforms rose over 58 pc in 2023: Report

   Top Stories
» 28 Indian startups raised over $800 mn in funding this week
» GST Council waives interest, penalty on notices to taxpayers under Section 73
» India's innovation ecosystem poised for exponential growth: Industry
» India's innovation ecosystem poised for exponential growth: Industry
» Overseas Indians faith grows in Indian economy with $1 billion deposits in April
IANS | 19 Jun, 2024

India has witnessed the fastest jump in alternative remittance share for e-commerce payments in the Asia-Pacific (APAC) region, from 20.4 per cent in 2018 to 58.1 per cent in 2023, a new report has said.

According to the data and analytics company GlobalData, this jump can be attributed to the widespread usage of mobile wallets, largely driven by UPI (Unified Payments Interface), which enables mobile payments in real time simply by scanning QR codes.

The report highlighted that alternative payments are already popular in countries like China and India, and are gaining traction in other APAC markets as well.

"While most Asian markets are traditionally cash-dominated, the adoption of alternative payment methods for both online and in-store payments is growing across many markets in the region, outpacing the West," said Shivani Gupta, Senior Banking and Payments Analyst at GlobalData.

"This trend is driven by the rising smartphone and Internet accessibility, increasing convenience of electronic payments, and the proliferation of mobile and QR code-based payment solutions," she added.

In addition, the report revealed that cash-intensive countries in the region such as the Philippines, Malaysia, and Indonesia, are also witnessing a similar trend.

"Alternative payment solutions account for the lion’s share in e-commerce markets across many APAC countries, supported by rising Internet and smartphone penetration, and growing acceptance of digital payments by merchants," Gupta said.

She also mentioned that with the convenience, speed, and security they offer, coupled with high expected growth in the overall e-commerce market in the region, "these payment tools are anticipated to further gain traction and disrupt the consumer payment space in the region."


Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 13 Aug, 2022
  Daily Poll
Will the Budget 2024 be MSME friendly
 Can't say
  Commented Stories
» GIC Re's revenue from obligatory cession threatened(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter