As per report by fintech firm FIS, India's e-commerce market is poised to grow by 84 per cent to $111 billion by 2024 on the back of accelerated adoption of digital technologies amid the COVID-19 pandemic, a report by fintech firm FIS said on Wednesday.
The report noted that countries, including India, have seen a shift in consumer behavior caused by COVID-19, and new payment trends are shown to be on the rise. FIS, in its 2021 Global Payments Report, examined current and future payment trends across 41 countries.
Digital wallets (40 per cent) followed by credit card and debit card (15 per cent each) were the most popular payment methods online in 2020. Also, purchases made with digital wallets are expected to increase their market share of online payments by 2024 to 47 per cent.
Besides, 'Buy Now, Pay Later' emerged as the fastest growing online payment method in India. While it is only 3 per cent of the market currently, it is projected to increase to 9 per cent by 2024 based on the analysis in the report.
The report also forecasted that the Point of Sale (POS) market in India would increase by 41 per cent between now and 2024 to $1,035 billion. 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), it added.
The report projected that digital wallets will overtake cash as the most popular in-store payment method by 2024, accounting for 33 per cent of payments.
