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India Digital Payments: 2020 Country Adoption Report

India’s digital revolution in the past two decades has significantly contributed to the adoption of digital payments in the country. NASSCOM’s digital payments adoption study – India Digital Payments – 2020 Country Adoption Report – presents a first-of-its-kind in the world Digital Payments Adoption Maturity Index, with a comprehensive coverage, in-depth adoption assessment, and segment-wise maturity analysis.

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Key Findings

Digital payments in India are accelerating faster than ever
  • Digital payments in India have leapt 160X in the past two decades. 
  • India now ranks no.1 in the world in terms of real-time digital payments transactions.
  • COVID-19 pandemic further accelerated adoption of digital payments, which has grown 27% YoY, between 2020 and 2021
Overall adoption trends indicate an uptrend across all segments of users
  • Over 77% of Indians use digital payments regularly
  • 45% of adopters were moderate to high users consistently using 6-8 digital payment modes
  • 90%+ adoption seen in large enterprises and merchants with both B2B and B2C businesses
Micro-segments of high and low maturity highlight areas of focused intervention
  • High maturity users include Tier-1 residents, those in 45-60 age group with annual income >INR 10 lakh – these segments spent 5X more using digital modes
  • Interestingly, 45% of mature merchant users came from Tier 2 cities, while 95% of large companies and young enterprises (2-5 yrs old) were mature users
  • Low maturity segments include Tier 4 and beyond consumers, old users (>60 yrs), and SMEs in B2B or B2C-only businesses
The ecosystem indicates the need for innovative, affordable, and secure solutions
  • Enhanced connectivity, digital literacy, and reliable security solutions will transform the speed and maturity of adoption
  • Simpler KYC processes, secure and timely notifications, and reliable sources of learning can be gamechangers
  • Technology and policy convergence can prove turnkey for fintechs to innovate on low-cost mass-reach solutions

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