Most used in-store (POS) payment methods in India 2017-2023, with 2027 forecast
Paytm, PhonePe, and Google Pay are all forecast to gain millions of new users in India between 2020 and 2025. Both Paytm and PhonePe ranked as popular digital payment methods in India in 2020 and were more commonly used than credit or debit cards for online shopping.
Although the share of cash in India declined significantly since COVID-19, it remained the most used in-store payment method. That said, cash money is believed to be overtaken by mobile wallets in the long run. Wallets like