1、How UrbanIndia Pays2024Table of ContentsIntroduction3Chapter 1:Digital payments for urban Indian consumers:a way of lifeThe Indian digital payment landscape an overviewUPI leads the way but credit is prominent for discretionary spendingBNPL,wearable and voice-based payment systems are gaining popula

2、rityMotivations and barriers for consumers to adopt digital modes of paymentConsumer demographics are driving the Degree of Digital Payment Usage metric6Chapter 2:Demographic spectrum embraces digital payments in varying degreesThe affluent and upper middle class set the paceMillennials and Gen X le

3、ad the charge Men and women are both embracing digital payments14Chapter 3:The next wave of growth is expected from smaller cities and townsSmall towns are emerging centers of growth for digital paymentsDigital payments penetration ahead of retail potentialPockets of regional opportunity such as the

4、 Northeast regionPromising potential in small towns234Summary of research insights and imperativesHow Urban India PaysChapter 4:Merchants are evolving in sync with consumersOffline merchants receive higher cash than online merchantsSmaller merchants have also joined the brigadeMerchants value conven

5、ience,trust,and safety28Chapter 5:The way forward:ride on innovation and educationEmpowering through financial educationBuilding intuitive and user-friendly consumer journeysBuilding digital bridges:upgrading tech in underserved areasContinued enhancement of security measures to minimize fraudExpans

6、ion of access to credit-based payment methods33AuthorsGlossaryAbout KearneyDisclaimer38403940How Urban India PaysShashwat SharmaPartner,Financial Services,KearneyNidhi TiwariPartner,Financial Services,Kearney1 Kearney Analysis2 1 USD=INR 83 approximately across the report3 Retail digital payments in