India: Crisis to Boost Mobile Payments, Says Report

Mobile-based payments will be resilient and overtake card payments in India, with the covid-19-induced economic slowdown likely to put a pause on the rapid rise of cashless payments in 2020, S&P Global Market Intelligence said in a report on Tuesday.

“High growth rates in cashless payments seen in recent years are unlikely to repeat amid an economic slowdown due to the novel coronavirus pandemic," said Sampath Sharma Nariyanuri, fintech analyst at the firm. “However, we expect mobile payments to be more resilient and will gain a bigger lead over card payments, as their uptake will accelerate due to ongoing social distancing measures and concerns over usage of cash and plastic."

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