NOVEMBER 202019n recent years, there has been a marked shift from cash to digital payments. Consumers in India are making the transition from cash payments to other forms such as cards, mobile wallets, and Buy Now Pay Later (BNPL). These digital payment solutions have made life much easier for consumers, as they can make a payment at the click of a button. In addition to this, it has become much easier for them to keep track of their expenses using mobile apps.The ongoing COVID-19 crisis has increased the importance of the digital payments' ecosystem even further. Consumers are happy to use contactless payment modes in order to protect their health. This article looks at the latest trends in the digital payments' ecosystem. In addition, it also discusses the evolution of payments with respect to BNPL. Key Trends in the Digital Payments' Ecosystem in IndiaThe digital payments' ecosystem in India continues to evolve at a rapid pace. Consumers are making the switch to payment modes which they deem to be quick and convenient. In fact, the entire online shopping behaviour of Indian consumers is witnessing a drastic shift. According to estimates, Indians are planning to move towards online channels at a rapid pace. As per a survey conducted by Capgemini in mid-2020, just 46% of respondents are expecting to shop via ICXO INSIGHTSBy Nityanand Sharma, Co-founder & CEO, SimplHeadquartered in Bangalore, Simpl has created a unique Pay-Later platform that empowers e-commerce merchants to offer their consumers 1-click checkout, a line of credit at POS and full buyer protection. Founded in 2015, the company has so far raised $16.9 million through various rounds of funding. CONSUMER TRENDS IN THE DIGITAL PAYMENTS' ECOSYSTEM WITH REFERENCE TO THE BNPL MODEL?Nityanand Sharma, Co-founder & CEO
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