India’s ecommerce payments to hit $147.3b in 2024

E-commerce market value will reach $292.3b by 2028, says GlobalData.

India’s e-commerce payments are expected to surge to $147.3b (INR12.2t) by the end of 2024.

The country’s e-commerce market value is set to increase to $292.3b by 2028, or a compound annual growth rate (CAGR) of 18.7% over a five-year period, according to data and analytics company GlobalData.

Amongst payment tools, alternative payment solutions have become the most preferred by online shoppers, the report said.

Mobile and digital wallets have reportedly eclipsed traditional payment methods. Popular brands in India are Amazon Pay, Google Pay, PhonePe, and Paytm.

Credit and charge cards (10%) are also in use. These cards offer reward and pricing benefits.

With electronic payment methods being accepted for pay-on-delivery orders, e-commerce payments are expected to see further increase from such offerings, GlobalData said.

“The uptrend in e-commerce sales in India is likely to continue over the next few years, supported by improving payment infrastructure and the growing popularity of alternative payment solutions,” said Ravi Sharma, Lead Banking and Payments Analyst at GlobalData.