- WhatsApp\u2019s foray into the digital payments landscape could potentially be a game-changer.<\/li>
- WhatsApp's 400 million-plus user base, India could see a significant increase in digital payments.<\/li>
- Digital payment usage is soaring in urban areas across the country.<\/li> <\/ul><\/div>","also_read_available":false,"body":"
The payments landscape in India and across the globe has constantly evolved - in all the ways that one could predict. The innovations that were once only predictions, suggestions or make-belief scenarios in sci-fi movies of the past, have now manifested and how!
It’s difficult to imagine a world where money didn’t exist and goods and services were simply exchanged. The charms of the good old days are lost upon us, with the barter system clearing the way for the emergence of physical currency - in the shape of gold, coins, and later - paper checks. Plastic was soon to replace paper and we witnessed the emergence of debit and credit cards. Hither to, the payments landscape has quickly metamorphosed to encompass digital wallets<\/a>, mobile payments and more.
The new normal: UPI-based digital payments<\/a><\/strong>
Remember when one couldn’t fathom leaving home without one’s wallet? Such a scenario is long past us, certain exceptions kept aside. From Kirana stores to high-end malls, cab hailing services, online food-ordering and even travel apps, UPI-enabled mobile payments are becoming the new normal, in this post-pandemic world.
Case in point, the rising scale and ubiquity of digital payments. From June, 2020 to June, 2021, the UPI-based payments have observed a stellar growth of 109% in value and 110% in volume, as per EY data. Furthermore, with the pandemic being a catalyst to the already growing e-commerce<\/a> transactions, UPI-based payments emerged as one of the most preferred means for online transactions. In fact, digital wallets made up for 39.7% of e-commerce payments in India, as per a joint report by research firms Worldpay and FIS.