The Indian Premier League (IPL) season receives a great deal of attention in India, a country renowned for its love of cricket. As India revels in the thrill of the IPL, it is important to recognise the vital role that payments play in the country’s economy. Popular payment methods in India have changed rapidly in recent years, from cash to digital transactions.
The purpose of this India Payments Guide is to offer a thorough introduction to the state of the Indian payments industry, including its history, present state, and potential future developments. This article will discuss the ways in which the popularity of the Indian Premier League (IPL) and cricket in India relate to and impact the payments sector in India, as well as how these developments are altering the way Indians pay for products and services off the pitch.
India’s Economy
India’s economy is a growing market economy with a middle class. India is the world’s fifth-largest economy, and its government has prioritised economic development since the country earned independence in 1947 until 1991. India’s young population bodes well for the country’s long-term economic prospects. With more than a thousand educational institutions, this region is quickly becoming a powerhouse in the field of qualified labour.
Choosing Payment Methods in India during the IPL Season
Despite India’s expanding economy, many of the country’s preferred payment systems and practises are stuck in the past. Due to a lack of access to modern financial infrastructure, most transactions in India’s rural areas must be conducted in cash. Let’s check out some of India’s other payment methods.
What are the Different Types of Payment Methods in India?
Due to widely varying socioeconomic realities, people in India have vastly distinct payment customs. Many Indians lack basic amenities like internet and bank accounts.
- Credit Cards
Many cricket fans in India are already using credit cards to buy tickets to IPL matches and goods for their favourite teams. Credit cards continue to be widely used as a form of payment in India, notably for online purchases, in-store purchases, and smaller payments, despite the rise of digital wallets. HDFC, SBI Card, ICICI, Amex, Axis, Citibank, Standard Chartered Bank, and Kotak Mahindra Bank are only some of the most popular Indian financial institutions providing credit card services.
When compared to the time and effort required to complete financial transactions through a traditional bank, especially during the hectic IPL season, e-wallets provide a simple and straightforward alternative. Indians now have the freedom and access to the latest information they need to have a more thrilling IPL experience thanks to services like Jeton Wallet, which enables debit cards connected to a client’s balance and gives a traceable transaction history via cutting-edge mobile applications.
- Cash
Many Indians are paying with cash for in-game refreshments, celebratory delicacies, and last-minute tickets to matches as they get swept up in the enchantment of the IPL season. While credit cards and digital wallets are gaining popularity in India, cash is still widely used, especially in rural regions where access to these technologies is limited. Cash remains the most accessible and trustworthy alternative for day-to-day transactions, especially in locations where accepting and enabling digital payments can be problematic for many. This is especially true during the IPL season, when vendors and eateries are busier than normal.
Many individuals still choose to use cash in their day-to-day lives because of inequalities in education and wealth despite attempts to encourage digital payments and lessen the dependency on cash. Consequently, visitors to India should bring cash for modest purchases in rural regions where credit card and other electronic payment methods may not be readily accessible.
- Digital Wallets
As the Indian Premier League (IPL) continues to captivate cricket fans throughout the country, more and more of them are turning to digital wallets to buy tickets, merchandise, and other ways to make financial transactions about the event. Through its Digital India initiative, the Indian government has been actively promoting the usage of digital wallets as a simple and user-friendly alternative to conventional payment systems.
Due to the proliferation of alternatives provided by successful enterprises running their digital wallet services in India, e-wallets have become the preferred payment method for Indians with better incomes and education levels.
Examples of user-friendly digital wallets include Jeton, which allows users to link their bank accounts to debit cards and see their transaction histories using cutting-edge mobile apps. Fans of the Indian Premier League may avoid any unnecessary difficulty while buying tickets, merchandise, and other products associated to the competition by using a digital wallet.
Using Jeton Wallet during the IPL Season in India
There’s a lot of buzz surrounding the IPL seasons in India, and Jeton Wallet is the best way for fans to pay for items like game tickets and team merch. With our digital wallet, you can make payments online quickly and safely and, thanks to our intuitive mobile app, easily keep tabs on your balance and transaction history.
More and more stores in India accept Jeton Wallet, so you may use it to pay for everything you need for the IPL. For those heading to India for the IPL, Jeton Wallet may be used to convert currencies and make international money transfers at minimal transaction fees and competitive exchange rates.
In addition to Jeton Wallet, you can also turn to our Visa-Based debit card, Jeton Card for all your IPL payments. You can start using it instantly on both physical and online stores safely! Our user-friendly Jeton App makes it simple to review past purchases with just a few taps. Don’t stress over extra charges or questionable transactions ever again. Enjoy the IPL season, and leave the payment processes to Jeton!
