Digital payments have become a big thing now. Everyone has started to pay with Google Pay, PhonePe, and other things. In 2020, India had the biggest number of real-time internet transactions, surpassing countries like China and the United States.
The country completed 25.5 billion real-time payments transactions, followed by 15.7 billion in China whom is in second place and then, it was South Korea with 6 billion, 5.2 billion in Thailand, and 2.8 billion in the United Kingdom. With 1.2 billion transactions, the United States was rated ninth among the top ten countries. The number in India is really high as of now.
There are many online payment apps in India. It is a wide option for the people. There is Paytm, Razorpay, PhonePe, BharatPe, and many more. Sometimes people have more than one app on their phone and they use the convenient one accordingly. Whichever app has a better offer at that given time, people use it. It is a situation where if one app is giving you trouble, then the user will be ready with another one. The usage especially among the youth has increased a lot.
India has been promoting digital transactions for the past few years. But since it is also very convenient, people like it more. By 2025, though, there will be a change in the volume of shares for immediate payments and other electronic payments as they are predicted to increase to 37.1 percent and 34.6 percent, respectively. As a result, paper-based transactions would drop to 28.3% of total transactions.