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Sharp jump in cashless payments on e-commerce platforms, increased from 20.4% to 58.1 percent in six years
Non-Cash Payments: The report states that the widespread use of mobile wallets has led to a jump in alternative payments. It is powered by UPI and provides a mobile payment facility in real-time by scanning a QR code.
India has seen a sharp jump in cashless payments on e-commerce platforms in the last six years. It was 20.4 percent in 2018 and increased to 58.1 percent in 2024. Data analysis company GlobalData has given this information in a report.
Apart from cash transfer, other payment options include UPI, debit card,s and credit card. The report explains in detail that the widespread use of mobile wallets is responsible for the jump in alternative payments. It is powered by UPI and provides a mobile payment facility in real-time by scanning a QR code.
The report said that payment platforms such as mobile and digital wallets in the Asia-Pacific (APAC) region have completely replaced the traditional methods of cash and bank transfers. The report further highlights that such alternative payment platforms are first popular in countries like China and India and are also gaining popularity in the markets of the Asia-Pacific region.
