REDEFINING DIGITAL PAYMENTS

From chai stalls to checkout counters, India’s tapping, swiping, and scanning its way into a digital tomorrow - one payment at a time

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The digital world has become the epicentre of our everyday lives. From how we connect with each other to how we shop, so much of what we do now revolves around the digital space. It’s no longer optional - it’s an essential part of how we live.

In this context, it’s worth exploring just how deeply we've integrated into the digital world.

Worldline, a global leader in payment services, recently released a report on digital payments in India. The report offers a comprehensive view of how digital transactions are shaping various sectors. But beyond the data, there are real-world signs that show just how widely digital payment methods have been accepted - and adopted - across the country.

Here are some insights that highlight how extensively Indians are embracing digital payments. Read on:

FAVOURABLE CIRCUMSTANCES

One of the major turning points in the adoption of digital payments in India was the government's demonetization policy, announced on 8th November ‘16. According to the National Informatics Centre (https://www.nic.in/), before demonetization, digital payments made up only about 10% of all transactions in the country. Since then, that figure has grown to over 20%, highlighting a huge behavioural shift.

Apart from this catalyst, three key factors have further fuelled the growth of digital payments in India.

Strong Government Push For Digitalization

Over the past decade, the government has launched several initiatives that are heavily reliant on digital platforms - such as Digital India, Make in India, and Startup India. As per the NIC website, these programmes aim to expand the use of digital technologies across sectors like healthcare, education, and agriculture, while creating a supportive ecosystem for start-ups.

Rising Internet And Smartphone Penetration