NATIONAL: In a transformative shift, India’s e-commerce landscape has witnessed a remarkable rise in non-cash payments, soaring from 20.4% to 58.1% over the past six years. This surge underscores a profound shift towards digital transactions, propelled by widespread smartphone adoption and improving internet accessibility across India.

The journey towards this milestone has been propelled by several key factors. Firstly, the proliferation of affordable smartphones has empowered millions of Indians to access e-commerce platforms easily. This, coupled with robust digital infrastructure initiatives like UPI (Unified Payments Interface) and digital wallets, has simplified the payment process, making it more convenient and secure for consumers to transact online.

Moreover, the COVID-19 pandemic accelerated the adoption of digital payments as consumers sought safer alternatives to physical cash. This behavioral shift bolstered consumer confidence in digital transactions and prompted businesses to innovate and enhance their digital payment offerings.

Looking ahead, the trajectory of non-cash payments in India’s e-commerce sector appears poised for continued growth. As technology continues to evolve and digital literacy expands, the landscape is ripe for further innovation in payment solutions. This trend reflects a fundamental shift in consumer behavior and signifies India’s journey towards a digitally inclusive economy, where convenience, security, and accessibility define the future of commerce.