The Most Used Online Payment Methods in India
Nowadays, people are becoming less hesitant about making transactions online. Last year, there were over two billion people who purchased goods and services online and e-commerce retail sales went over an astounding amount of 4.2 million USD. 2020 was a year when more people started to transact online and this was mainly because of the pandemic. People had to stay at home and utilize online services to get essentials.
Last year, Razorpay reported that online transactions in India grew up to 76 percent and many of the transactions came from first-time digital payment users. The report also projected that the Indian online payment sector will grow up to $700 billion USD by 2022.
This isn’t far from happening as e-commerce platforms, gaming, and gambling sites in the country are now giving the locals more options when transacting with them. This is evident in how the online banking methods of 10CRIC India and other sites are starting to be diverse. From bank transfers to digital wallets and cryptocurrencies… you name it. These sites will most likely have the payment solution that you are looking for.
This year, FIS Global reported that India has become a global leader in real-time payment transactions with around 41 million of these per day. Transaction volumes have jumped more than twice this year and the transaction values also increased by 80 percent. With that, many people are simply going cashless and are starting to see the convenience of making transactions online.
What Payment Solutions are Indians Using?
There are at least 10 payment methods that Indians are using at the moment when they are shopping online. Here are some of the most commonly used methods as of today.
- Banking Cards
Credit and debit cards are still commonly used around the world and this is still the case in India. This remains the most-sought payment option online and it’s easy to understand why. You only need the card details to be able to make a purchase or deposit to your gaming or gambling account. It’s also versatile as you can use them when shopping outside the internet. Transactions with bank cards are almost always processed instantaneously. The most reputed and popular card payment systems in the country are Visa, Rupay, and MasterCard.
- Mobile Wallets
With the rise of mobile usage in the country comes the rise of mobile banking and/or wallets. Banks nowadays make it a point that they extend their services to mobile users by allowing them to download banking apps that they can connect with their mobile numbers. The thing about mobile devices is that it is something people highly depend on nowadays and it’s simply convenient to be able to make transactions with smartphones.
The most popular mobile wallet in India right now 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.
- Prepaid Cards
Some peopledon’t want to use their bank accounts when transacting online. However, these days, it’s hard to avoid making such transactions and a great solution to this is to get a prepaid card. This is a type of bank card that you need to load with money before making purchases. Typically, this can’t 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 was also a significant growth in the use of cryptocurrencies like Bitcoin, Ethereum, Cardano, and many more. This is mainly thanks to Bitcoin’s value that has once again reached an all-time high after three years. Many people started to gain 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 shops that also accept them too like the Suryawanshi restaurants.
India’s Push for Digital Payments
The country has become in favor of a cashless society with around 79 percent of the population who believe in its positive impact. The chief executive of government Amitabh Kant said that the country is even targeting to hit 1 billion digital transactions per day.
Kant said, “From three billion transactions in a month we are targeting a billion transactions per day and we are pushing for it.”
Kant explained that the government has been building requisite infrastructure to ensure that there is a big push towards payment digitization. With this, we can just expect that online transactions will keep on booming in the coming years.