Sharp jump in cashless payments on e-commerce platforms in India

India has seen a sharp jump in cashless payments on e-commerce platforms in the last six years. It was 20.4 percent in 2018 and increased to 58.1 percent in 2024. Data analysis company GlobalData has given this information in a report.

Other payment options apart from cash transfers include UPI, debit cards and credit cards. The report elaborates that the widespread use of mobile wallets is responsible for the jump in alternative payments. It is powered by UPI and facilitates mobile payments in real time by scanning QR codes.

The report states that payment platforms such as mobile and digital wallets in the Asia-Pacific (APAC) region have completely replaced the traditional methods of cash and bank transfers. The report further highlights that such alternative payment platforms are first popular in countries like China and India and are also gaining popularity in the markets of the Asia-Pacific region.

China leads the way with nearly two-thirds of total cashless payments across the Asia Pacific region. However, India is not far behind. The use of alternative payment platforms has increased in India since 2018. The company’s report shows that a similar trend is being seen in countries like the Philippines, Malaysia and Indonesia in the Asia Pacific region.

The report also highlights that within the Asia Pacific region, China and India have a higher rate of adoption of alternative payment platforms than other countries.