e-Commerce and Payments in India
A booming e-commerce market and dynamic payment scene.
The Indian e-commerce market is expected to grow quickly. From basic internet access to innovative online payment methods, there is still much room for growth, but both the state and e-commerce players are increasing investment in the industry’s supporting infrastructure.
Market Overview
-
Population
1.42 billion
-
Online Population
692 million
-
Currency
INR
-
e-Commerce Market Value
$63.17 billion
-
GDP
$3.74 trillion
-
GDP per Capita
$2,221
Available Local Payment Method
INR Bank Transfer
Type
Bank Transfer
Regions
Asia Pacific
UPI
Type
Bank Transfer
Regions
Asia Pacific
Key Takeaways
- The Indian e-commerce market is extremely alluring to foreign retailers given that it still only makes up a small portion of all retail sales in India and that the majority of those sales come from abroad.
- Retailers are drawn to a market segment where there are few trade barriers to entry and a sizable appetite for international brands. International brands should, however, pay attention to the Indian government’s recent efforts to restrain the expansion of foreign businesses.
- While cards remain the most common method of online payment at the moment, bank transfers and digital wallets are anticipated to overtake them by 2021 in India.
