As per reports, the country’s e-commerce market will jump 84 percent to reach $111 billion by 2024.
This is due to the Covid-19 pandemic pushing more and more Indian shoppers online.
The 2021 Global Payments Report by Worldpay from FIS found that global trends in digital commerce accelerated during the pandemic.
However, this examines current and future payments trends across 41 countries including India.
Further, the nation witnessed a significant shift in consumer behaviour as a result of the pandemic induced lockdown.
In fact, new payment trends are emerging all across the country.
Also, mobile shopping boosted the growth in India’s e-commerce market according to statistics.
This is projected to grow at 21 percent annually over the next four years.
In 2020, digital wallets along with credit card and debit card were the most popular payment methods online.
Moreover, purchases made with digital wallets will surge their market share of online payments by 2024 to 47 percent.
Digital wallets will overtake cash as the most popular in-store payment method by 2024, accounting for 33 percent of payments.
Meanwhile, ‘Buy Now, Pay Later’ is currently the fastest growing online payment method in India. It will climb to 9 percent by 2024 as against it’s 3 percent holding of the market at present.
High-growth markets include Indonesia, India, Malaysia and the Philippines with over 14 per cent growth rates.
Besides this, Japan, New Zealand, Singapore and Australia are the less matured, low growth markets.
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