SBI report finds 45.6% Indian households use digital payments
According to a new State Bank of India (SBI) report, 45.6% of Indian households now use digital channels for at least one purchase, a sign that online shopping is becoming pretty mainstream.
Still, more than half of households stick with traditional payment methods, so the digital shift is happening but not all at once.
Wealthier Indian households adopt digital payments
Digital payments are most common for things like consumables and services (39.68%), while buying food online is less popular.
Haryana ranks first in average monthly consumption expenditure across food, consumables and services, and durable goods, and wealthier households are much more likely to go digital, almost 69.5% in the top 20% versus 25.3% in the bottom 20%.
Interestingly, families using digital channels also tend to spend about 7.5% more per person each month, hinting that going cashless could be linked to bigger spending power.