As India progresses toward becoming a Viksit Bharat by 2047, the emergence of new consumer segments is driving a remarkable surge in digital payments across non-metro regions of India. While metros have long been the flag bearers of digital adoption, a new growth story is unfolding in Cat B and C+ cities. Rising disposable incomes, e-commerce, evolving consumer behavior patterns, and improved digital infrastructure with support from empowering government initiatives like Pradhan Mantri Jan Dhan Yojana (PMJDY), the Digital India program and GST are emerging as key growth drivers in these regions. Visa Consulting & Analytics, Visa’s advisory arm, has released a white paper examining India’s evolving financial landscape and the opportunities it presents for lenders and businesses.
Titled, “Bridging the Gap: Payments in India, Beyond Metros”, the whitepaper reveals that the number of consumers spending more than Rs 2 lakh annually using a single card grew by approximately 4 times in Cat C+ cities, compared to 1.4 times in Cat A cities, from 2019 to 2024. Bolstered by the growth of ecommerce and increased digital connectivity, this growth emphasises the need for financial institutions to adapt their offerings to foster inclusive growth and meet the changing and unique demands of the new consumer in markets outside Indian metros, who are fast emerging as the new face of the country’s digital payments revolution,
To read the full report, click here.
For more information, please contact your Visa Account Executive, email us at [email protected] or visit us at Visa.com/VCA.