India’s small towns now transact 65% digitally, with Gen X leading this trend
This report is based on a survey covering 120 cities with more than 6,000 consumers and 1,000 merchants.
According to a new report released today, about 65% of transactions made by consumers in India’s small cities are now digital, while in large cities, the proportion is about 75% , according to a new report released today.
According to a report from Kearney India and Amazon Pay India , the digital payments revolution is driven by Millennials (25-43 years old) and millennials. Generation X (44-59 years old) in India. Baby boomers (60 and older) use cards and wallets more than younger groups.
“From the widespread adoption of digital payments in online transactions and offline to the rise of emerging payment methods like BNPL (buy now, pay later), Shashwat Sharma, Partner and Head of Financial Services at Kearney India, said this report provides information details on how India is changing its payments landscape.
This report is based on a survey covering 120 cities. , more than 6,000 consumers and 1,000 merchants.
According to the report, UPI, digital wallets and cards are gaining ground as cash transactions decline, with digital methods accounting for 69% seller transaction.
“India’s digital payment revolution is firing on all cylinders, propelled by consumers and merchants alike. With digital transactions penetrating even street vendors and smaller towns, we are at an inflection point,” said Vikas Bansal, CEO, Amazon Pay India.
Additionally, the survey noted that incentives and convenience drove India’s digital payment shift, with 87% of respondents aware of the credit-based offering. Emerging payment methods like BNPL gained prominence as a result.
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