The report mentioned that digital wallets (45.4 per cent) followed by debit cards (14.6 per cent) and credit/charge cards (13.3 per cent) were the leading e-commerce payment methods in 2021
The Indian e-commerce market is likely to increase 96 per cent between 2021 and 2015 to USD 120 billion, according to a new report by financial technology firm Fis.
Regarding 2021, the report found the shift to online continued with 13.9 per cent growth in global e-commerce, while the 13.4 per cent growth in point-of-sale (POS) transaction value reflects the steady recovery from the impacts of the COVID-19 pandemic.
The report mentioned that digital wallets (45.4 per cent) followed by debit cards (14.6 per cent) and credit/charge cards (13.3 per cent) were the leading e-commerce payment methods in 2021.
“Digital wallets are projected to extend their lead over other e-commerce payment methods through 2025 when they are projected to account for 52.9 per cent of transaction value,” according to the report.
Talking about Point-of-Sale (POS) payment trends, the report said that India’s POS market is projected to increase by 28.8 per cent between 2021 and 2025 when it will exceed USD 1.08 trillion.
“The e-commerce industry in India has witnessed strong growth over the last few years and this growth is showing no signs of slowing down,” said Phil Pomford, General Manager APAC, Worldpay Merchant Solutions, Fis.
Pomford added that the COVID-19 pandemic has brought fundamental changes in the way people shop and make their purchase decisions throughout India, and it’s now vital for merchants to provide customers with a hassle-free and convenient shopping experience.
“Those who offer a compelling value proposition to consumers are well-positioned to thrive as India’s e-commerce market continues its dramatic growth,” he said.