Market Overview India
Government and companies are pushing to increase the share of digital payments with initiatives such as UPI, demonetization, and discounts to pay for goods and services.
India's eCommerce market is growing at a steady annual rate of 23%.
Indians are heavily oriented to domestic eCommerce purchases, 82% of online sales were to local, Indian merchants.
mCommerce is 56% of the eCommerce traffic and growing, offering countless opportunities for online sales and digital payments.
India's eCommerce payment mix
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Local payments, like UPI, Net Banking, PayTM, are essential to boost your sales in India
Cash comprises 26% of overall eCommerce transactions, but its share significantly decreased as a result of the demonetization in 2016.
Online Banking & eWallets
Bank transfers are becoming a common payment method for ePurchases. eWallets, especially Paytm, own a large share of the eCommerce market. Digital wallets and UPI will continue to increase their share of eCommerce payments.
Credit & Debit Cards
Domestic credit card networks, such as Rupay, are on the rise. After cash, internationally-enabled credit card is the leading and still growing payment method.