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E-commerce market to hit $111B by 2024
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SME Times News Bureau | 10 Mar, 2021
India's e-commerce market is expected to increase by 84 per cent by 2024
to $111 billion, according to a new report from global financial
technology company FIS on Wednesday.
The growth will be driven by
mobile shopping, which is projected to grow 21 per cent annually over
the next four years, said the report.
The research found that global trends in digital commerce accelerated under the pandemic.
Countries
including India have seen a shift in consumer behaviour caused by
Covid-19, and new payment trends are shown to be on the rise.
"The
Indian e-commerce industry has witnessed a huge upsurge due to Covid-19
and there is substantial room for future growth," Phil Pomford,
Managing Director of Asia Pacific, Worldpay from FIS, said in a
statement.
"E-commerce capability is no longer limited to just
traditional websites, and physical retail has blended with the digital
world."
The "2021 Global Payments Report by Worldpay from FIS" examined current and future payments trends across 41 countries.
In India, "buy now, pay later" is the fastest growing online payment method.
Currently only three per cent of the market, based on analysis in the report, is projected to increase to 9 per cent by 2024.
Digital
wallets (40 per cent) followed by credit card (15 per cent) and debit
card (15 per cent) were the most popular payment methods online in 2020.
Data
in the report shows that purchases made with digital wallets are
expected to increase their market share of online payments by 2024 to 47
per cent.
The FIS report found that Point of Sale (POS)
market in India is projected to increase by 41 per cent between now and
2024, according to data in the report.
The most popular in-store
payment method is cash at 34 percent, followed by digital wallets (22
per cent) and debit card payments (20 per cent).
The report
projects digital wallets will overtake cash as the most popular in-store
payment method by 2024, accounting for 33 per cent of payments.
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