In India, non-cash payments via the Internet, ATMs, payment cards and mobile devices have become more popular than using cash payments.
Experts concluded that Indians are moving towards virtual payments. In February 2021, non-cash payments, including retail electronic payments, including debit and credit cards, electronic money transfers, and mobile payments, became more popular than traditional cash.
Most of the non-cash transactions are carried out by the State Bank of India. This financial institution processes about 69% of daily transactions through alternative channels, including the Internet, ATMs and mobile banking.
Mobile payments are one of the fastest growing non-cash payment methods. Currently in India mobile wallets are used by about 10 million active users. Experts believe that by 2020 the number of such users will reach 100 million.
As previously reported, the Indian government has begun building a centralized mobile payment system.
Experts concluded that Indians are moving towards virtual payments. In February 2021, non-cash payments, including retail electronic payments, including debit and credit cards, electronic money transfers, and mobile payments, became more popular than traditional cash.
Most of the non-cash transactions are carried out by the State Bank of India. This financial institution processes about 69% of daily transactions through alternative channels, including the Internet, ATMs and mobile banking.
Mobile payments are one of the fastest growing non-cash payment methods. Currently in India mobile wallets are used by about 10 million active users. Experts believe that by 2020 the number of such users will reach 100 million.
As previously reported, the Indian government has begun building a centralized mobile payment system.
