American Express polled 500 small, medium, and large companies across India
The American Express report indicates bullishness and stronger confidence with 74% of businesses expecting to spend more on technology and 72% planning to make more capital investments in 2022.
Interestingly, 59% of B2B sellers consider the main benefit of digital payments to be the speed of payment and ability to track spends.
Meanwhile, 83% of eligible respondents said that the Government’s ‘Make in India’ campaign has helped their business. 59% large, 57% small scale companies, 53% medium scale companies and 42% micro-scale companies which planned on increasing technology spend in Q4 2021 are doing so to improve productivity.
In fact, Indian businesses saw spending grow 3x faster than the expectations from its comparable peers in the other countries, establishing a lead that is likely to only consolidate. Total B2B spend for India grew by 9.4% in Q3 2021 on year-on-year basis and is expected to rise by 10.3% in 2022.
We’ve reported that Coinbase users will soon be able to pay for NFTs with Mastercard.