India now has around 350 million online payment users across e-commerce, shopping, travel, hospitality, and OTT, and the number is set to double by 2030, as per the latest report.

There are around 40–45 million mature users (over half) who spend a significant portion of their wallets online.
“We expect online transactions to double by 2030, with mature users being the fastest-growing cohort,” said Mukesh Kumar, engagement manager at Redseer Strategy Consultants.

“We also estimate that these mature users will account for $400 billion in online spending by 2030,” he mentioned.
At 780 million, India is home to the second-biggest Internet user base on the planet, which is 2x more than the US populace.

With the sped-up development of the Internet and smartphone adoption, India is supposed to outperform 1 billion internet users by 2030.

Indians, on average, spend 7.3 hours every day on their smartphones, which is one of the highest times spent on the planet.

Cheaper data costs and affordable smartphones (starting at $60) have been the fundamental drivers of increasing online time. “This sets the stage for high digital opportunities for consumer Internet players,” the findings showed.

Most Internet users come from product commerce, OTT video platforms, short form, gaming, and OTT audio platforms. The majority of the users across e-tailing and gaming come from Tier-2 cities.

“There is a new trend in content consumption where the time spent on user-generated content is 2X that of platform-generated content,” said the report.

After e-commerce, the growth of UPI payments and the convenience of paying online have resulted in 110 million paid online gamers in India.

Gaming is adding 2 million paid users each month. Every second Internet user is a gamer in India, and each third transacting user in India is a paid gamer.

Gaming has nearly 450 million users in 2022, and the market will see a 33% ascent in paid gamers by 2026, said the report.

Credit: Zee Business