Cashless In-Store Payments And The Transformation Of The Indian Retail Industry

- S. Sundararajan

Ever since the Indian government made policies friendly for doing business in the country, ‘fast growing’ has become the middle name of the Indian retail sector. In a December 2017 report by the IBEF (Indian Brand and Equity Foundation, a trust established by the Indian Ministry of Commerce and Industry), it was reported that the Indian retail industry is expected to grow to USD 1,300 bn by 2020 from USD 672 bn in 2016.

Today, a lot of hard cash still moves around in the retail industry. The government has been pushing the ‘Digital India’ campaign to make payments easier and more accessible. So how does all this translate to a change when it comes to in-store retail payments?

Presently, offline retail such as food, travel, and shopping are some of the biggest contributors to India’s daily retail spend. Reducing cash dependency for these low-value high-frequency transactions ensures a more concrete approach towards broader financial inclusion and improved digital literacy.

THE VARYING DIMENSIONS OF IN-STORE PAYMENT OPTIONS

Today, customers have a host of different options to make in-store payments.