India’s e-Commerce market projected to surge 84% to $111 billion by 2024: Report

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India’s e-Commerce market is expected to grow dramatically because of the Covid-19 pandemic, touching $111 billion by 2024, according to a new report released today from financial technology leader FIS.

The 2021 Global Payments Report by Worldpay from FIS, which examines current and future payments trends across 41 countries, found that global trends in digital commerce accelerated under the pandemic.

India’s e-Commerce market is projected to grow by 84% between now and 2024, driven by mobile shopping, which is projected to grow 21% annually over the next four years.

Digital wallets (40%) followed by credit card (15%) and debit card (15%) were the most popular payment methods online in 2020.

Data in the report shows that purchases made with digital wallets are expected to increase their market share of online payments by 2024 to 47%. These are projected to overtake cash as the most popular in-store payment method.

“e-Commerce capability is no longer limited to just traditional websites, and physical retail has blended with the digital world,” said Phil Pomford, Managing Director of Asia Pacific, Worldpay from FIS.

“Those who position themselves with digital payments capabilities will be well-positioned to capture the next wave of growth in the retail and eCommerce market in India,” he said.