India To Have 70 Cr Digital Payment Users Till 2030, Report Says
Nearly 780 million people in India use the internet. According to a report by Redseer Strategic advisors, this count will reach a historic number of one billion by 2030, nearly matching China's total.
By 2025, digital platforms will finally outperform conventional media in terms of the number of eyes they reach, the report mentioned.
India presently has 350 million or more digital payment users spanning ecommerce, shopping, travel, and hospitality. By 2030, it is expected that this number would double.
It added that consumption patterns have changed recently, with platforms now spending two times as much time as users on user-generated content.
The average Indian uses their smartphone for 7.3 hours each day, ranking among the most in the world, according to the research. The time is spread among social media, OTT content, short-form video, online messaging, and YouTube streaming
The majority of internet users come from short form, gaming, OTT audio, OTT video, and goods commerce platforms. Leading international apps are more geared toward tier-1 and metro consumers who speak English as their primary language.The needs of smaller cities are being met by the burgeoning new-age domestic players.
A whopping 40–45 million people spend more than 50 per cent of their money online. Furthermore, as they are the group with the fastest rate of growth, mature consumers, by 2030, would represent USD 400 billion in online spending.
