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By Soumiya Awasthi | August 21, 2020
The increased adoption of digital payments is helping India move towards its ambition of becoming a $1 trillion digital economy.1 There has been a steep rise in such transactions over the past 5 years. The overall digital payments in the country have witnessed a CAGR of 61% and debit and credit card-based payments registered a CAGR of 44% in terms of volume.2 Having said that, there is still ample of room for growth of digital payments. The COVID-19 pandemic has acted as a catalyst to boost the adoption of digital payments in the country. Since money gets transferred from one hand to another, people are perceiving it to be an active carrier of the Novel Coronavirus. Keeping this in mind, people are preferring the use of digital payments even for small transactions.
Another important factor working in India's advantage is the presence of a predominantly young population. A population which is not only internet savvy but willing to try new and innovative fintech solutions. They are the agents of change and it is no hidden fact that the Gen Zers are adapting to the cashless environment faster than any other generations owing to the former's understanding of the digital age.
Taking into account this rise in adoption of digital payments in India by the country's young population, retailers are shifting to cashless transactions for a host of reasons like:
Today, retailers, big or small are looking for technology-driven ways that can help them deliver a seamless payment experience to their customers. Pine Labs' popular products like ePOS, Plutus Smart and Plutus QR are playing a critical role in accepting multiple payment options. In the end, it is a win-win situation for both business owners as well as the customers. At Pine Labs, our Plutus Smart Android PoS is equipped to handle multiple modes of payments and can be integrated with third-party business apps to get more solutions such as inventory management, support for GST compliance, promotional campaigns, etc. If you haven't already made the switch and gone cashless at the point of sale, now is the time to do so. Contact us now.
1 Source: https://www.thehindubusinessline.com/economy/budget/towards-a-1-trillion-digital-economy/article30642587.ece
2 Source: https://rbidocs.rbi.org.in/rdocs/Publications/PDFs/CASHB74203395BD64E2ABC1BD5F68D8AEF13.PDF
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