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India Sees Fastest Jump In Digital Payments In APAC

India Sees Fastest Jump In Digital Payments In APAC

Shakshi
Shakshi
  • New Delhi,
  • Jun 18, 2024,
  • Updated Jun 18, 2024, 9:50 PM IST

 

Online payment popularity surges in India, China, and Asia-Pacific, displacing cash and bank transfers, according to a report. Led by China, alternative payments rise, with India closely behind, propelling India to second place in share growth from 20.4% in 2018 to 58.1% in 2023. APAC favors digital wallets for e-commerce due to rising smartphone and internet accessibility. Philippines, Malaysia, and Indonesia also witness alternative payment surges. China dominates with over 65% e-commerce transaction value. Survey conducted in Q2 2023 with 50,000+ respondents across 40 countries reveals the growing trend.

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