NEW DELHI: Digital wallets are projected to overtake cash as India’s leading point of sale payment method by 2023 and account for nearly half the e-commerce transactions value in the country, according to the '2022 Global Payments Report' by fintech firm FIS.
In 2021, digital wallets (45.4 percent) followed by debit cards (14.6 percent) and credit/charge cards (13.3 percent) were the leading e-commerce payment methods in 2021. In fact digital wallets are expected to extend their lead over other e-commerce payment methods through 2025, when they are projected to account for 52.9 percent of transaction value.
