Accelerated adoption of digital technologies amid the pandemic is likely to boost India's e-commerce growth by 84 per cent to $111 billion by 2024, says a report by fintech firm FIS. As per the2021 Global Payments Report, COVID-19 has caused a rapid shift in consumers’ shopping behavior with new payment terms emerging across 41 countries.
Nowadays consumers are driven more by mobile shopping, which is projected to grow 21 per cent annually over the next four years, the report says. Payments through digital wallets are likely increase by 47 per cent by 2023, it added. Similarly, the mode of 'Buy Now, Pay Later' is projected to increase to 9 per cent by 2024. According to Phil Pomford, Worldpay, Managing Director-Asia Pacific, FIS, those who position themselves with digital payments capabilities will be well-positioned to capture the next wave of growth in the retail and e-commerce market in India.
The report forecasts Point of Sale (POS) market in India to increase by 41 per cent between now and 2024 to $1,035 billion. It projects digital wallets will overtake cash as the most popular in-store payment method by 2024, accounting for 33 per cent of payments.
The e-commerce market in the Asia Pacific region is expected to grow at 13 per cent per annum until 2024, with the highest growth in developing countries. While China has very high e-commerce penetration and high-growth, developed, below-average growth is seen in Thailand, Hong Kong, Taiwan and South Korea.
