Nowadays, people are less and less hesitant to transact online. Last year, more than two billion people bought goods and services online, and e-commerce retail sales exceeded an incredible $ 4.2 million. 2020 was a year when more people started to transact online, mainly because of the pandemic. People had to stay at home and use online services to get the essentials.
Last year, Razorpay reported that online transactions in India have increased up to 76% and most transactions were from new digital payment users. The report also predicts that India’s online payments industry will reach US $ 700 billion by 2022.
This is not far from happening, as e-commerce platforms, games and gambling sites across the country are now giving locals more options when transacting with them. This is evident in the way the 10CRIC India online banking methods and other sites are starting to diversify. From bank transfers to digital wallets and cryptocurrencies… you name it. These sites will most likely have the payment solution you are looking for.
This year, FIS Global reported that India has emerged as a world leader in real-time payment transactions with around 41 million of them per day. Trading volumes have jumped more than twice this year, and deal values have also increased by 80%. With this, many people simply go without cash and start to see the convenience of doing online transactions.
What payment solutions do Indians use?
There are at least 10 payment methods that Indians use when shopping online. Here are some of the most commonly used methods to date.
Credit and debit cards are still commonly used around the world and still are in India. It remains the most popular online payment option and it’s easy to see why. You only need the card details to be able to make a purchase or deposit to your game or gaming account. It is also versatile as you can use them while shopping outside of the internet. Bank card transactions are almost always processed instantly. The most famous and popular card payment systems in the country are Visa, Rupay and MasterCard.
With the increase in mobile use in the country comes the the rise of mobile banking and / or wallets. Banks are now making it a point of honor to extend their services to mobile users by allowing them to download banking applications that they can connect with their mobile numbers. The problem with mobile devices is that people are very dependent these days, and it is simply convenient to be able to transact with smartphones.
The most popular mobile wallet in India today is PayTM. Many online platforms offering their services to Indians have this mobile wallet as a payment option. It also has other features like instant mobile recharge and bill payment. Other popular mobile wallets in the country are PayPal and Astropay.
Some people don’t want to use their bank accounts when transacting online. However, nowadays it is difficult to avoid such transactions and a great solution is to get a prepaid card. This is a type of bank card that you need to charge with cash before making any purchases. Usually, this cannot be linked to a person’s bank account. Some of the popular prepaid cards in the county are SBI, ICICI, and HDFC.
In 2020, there has also been a significant growth in the use of cryptocurrencies like Bitcoin, Ethereum, Cardano, and many more. This is mainly thanks to the value of Bitcoin which again hit an all-time high after three years. Many people started to take an interest in the use of these coins and more crypto wallets were created. Today Indians can use cryptocurrencies on different online platforms and there are even physical stores and stores that also accept them like Suryawanshi restaurants.
India’s push for digital payments
The country has become in favor of a cashless society with around 79% of the population believing in its positive impact. Government chief executive Amitabh Kant said the country is even aiming to achieve 1 billion digital transactions per day.
Kant said, “From three billion transactions in a month, we are aiming for one billion transactions per day and we are pushing for it. “
Kant explained that the government has put in place the necessary infrastructure to ensure a strong push towards the digitization of payments. With this, we can simply expect online transactions to continue to explode in the years to come.