India’s e-commerce market is expected to grow dramatically as a result of the Covid-19 pandemic. The market is projected to increase by 84 per cent by 2024 to $111 billion, according to a new report released by financial technology leader FIS, a global Fortune 500 company dealing in technology solutions.
The 2021 Global Payments Report by Worldpay from FIS, which examines current and future payments trends across 41 countries, revealed that global trends in digital commerce accelerated due to 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.
Most popular payment mechanisms in 2020 comprised digital wallets — 40 per cent, followed by credit card 15 per cent and debit card 15 per cent.
The study showed that the most popular in-store payment method is cash at 34 per cent, followed by digital wallets — 22 per cent and debit card payments 20 per cent.
The report also noted that digital wallets will overtake cash as the most popular in-store payment method by 2024, accounting for 33 per cent of payments.
The Indian eCommerce industry has witnessed a huge upsurge due to COVID-19 and there is substantial room for future growth,” Phil Pomford, Managing Director, Asia Pacific, Worldpay, FIS said in the statement.
