India’s Ecommerce Market To Grow From $83 Bn To $150 Bn By 2026: Report
Findings from the 2023 report show that in 2022, there were almost 70 real-time payment schemes providing high-speed payment rails that drove A2A payments to account for USD 525 billion in global e-commerce transaction value, up 13 per cent from USD 463 billion in 2021
A new report has highlighted that the growth of the Indian ecommerce market will almost double between 2022 to 2026. The report noted that the ecommerce market is projected to grow from USD 83 billion in 2022 to USD 150 billion in 2026.
The report also noted that cash use has been declining from 71 per cent of POS transaction value in 2019 to just 27 per cent in 2022.
India has emerged as a global leader in payments with the development of its next-generation real-time payments (RTP) infrastructure, the Unified Payments Interface (UPI), helping Ecommerce account-to-account (A2A) payments grow to USD 12 billion, up 53 per cent from 2021 to 2022 and digital wallets growth from 5 per cent to 35 per cent of POS value, according to a new report released on Thursday from global financial technology leader FIS®.
Findings from the 2023 report show that in 2022, there were almost 70 real-time payment schemes providing high-speed payment rails that drove A2A payments to account for USD 525 billion in global e-commerce transaction value, up 13 per cent from USD 463 billion in 2021.
“India’s developed United Payment Interface (UPI) has almost become the default payment option. While cash is still there, increasingly a majority of the peer-to-peer transaction is done through UPI,” noted the report.
According to the data released by FIS, cash is expected to decline by 34 per cent in transaction value by 2026 and digital wallets are expected to rise in transaction value by 88 per cent by 2026. In the online space, the ecommerce market size is expected to grow by 82 per cent by 2026 providing a greater boost to digital payments.
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