India

India

General Information

  • Population 1,380m
  • Population 15 + 1,019.0m
  • Online Population 776.5m
  • Area 3,287,263 km2
  • Currency INR
  • GDP 2,708.8bn USD
  • GDP per Capita 1,965 USD
  • Card-based payments
  • Cash-based payments
  • Bank transfer
  • Wallets
  • Other
[{"label":"Card-based payments","value":"30"},{"label":"Cash-based payments","value":"8"},{"label":"Bank transfer","value":"13"},{"label":"Wallets","value":"40"},{"label":"Other","value":"9"}]
Banked population
  • India 80%
  • Asia Pacific 71%
  • World 67%
Credit card penetration
  • India 3%
  • Asia Pacific 13%
  • World 19%
Internet penetration
  • India 56%
  • Asia Pacific 60%
  • World 62%
Smartphone penetration
  • India 70%
  • Asia Pacific 71%
  • World 70%

India’s e-commerce market is one of the largest in the world and is worth 52.6 bn USD. With the upsurge in smartphones in India (estimated to reach 760 m in 2021) this could allow the number of Indian online users to reach almost 1 bn by 2030.

54% of Indians research a product thoroughly before buying it, 51% spend time looking for the best value for their purchase while 50% use discount codes or coupons while shopping.

India is considering banning flash sales on online marketplaces such as Amazon or Flipkart as offline sellers have said they cannot compete with the massive discounts and have stated that marketplaces should not be allowed to sell products of companies of which they have shares.

India’s economy dropped by 8% in 2020 but is forecast to grow by 12.5% in 2021 and 6.9% in 2022 according to the IMF. Inflation rose in 2020 by 6.2% and is expected to rise by 4.9% in 2021 and 4.1% in 2022.

Future e-commerce trends (2021-2025)

E-Commerce market size forecast ($US billion)
2021 61.5
2022 74.7
2023 89.1
2024 104.3
2025 120.1
E-Commerce spending per capita ($US)
2021 46
2022 55
2023 65
2024 75
2025 86
E-Commerce spending as % of GDP
2021 2.1
2022 2.3
2023 2.4
2024 2.6
2025 2.6

India

The E-Commerce Market

Top e-commerce segments 2019 | 2020

  1. Electrical Goods: 11% | 40%
  2. Clothing & Footwear: 29% | 40%
  3. Food & Drink: 9% | 7%
  4. Homeware & Furniture: 9% | 4%

Cross-border e-commerce

  1. Cross-border proportion of total e-commerce – 29%
  2. Value of cross-border e-commerce ($US billion) – 15.1
  3. % of online shoppers who have shopped cross-border – 34%

Top 3 cross-border shopping origin markets

  1. USA: 26%
  2. China: 23%
  3. Australia: 8%
E-commerce % of total retail
  • India 5%
  • Asia Pacific 23.8%
  • World 20%
E-commerce completed on a mobile device
  • India 57%
  • Asia Pacific 59%
  • World 53%

The Credit Card Split

  • Visa
  • Mastercard
  • American Express
  • Local Schemes
[{"label":"Visa","value":"42"},{"label":"Mastercard","value":"31"},{"label":"American Express","value":"2"},{"label":"Local Schemes","value":"25"}]
  • E-commerce market size ($US billion) 52.6bn USD
  • E-Commerce spending per capita ($US) 40 USD
  • E-commerce spending as % of GDP 2.0%

India

Local Payment Methods

BitPay Type Wallet Regions Asia Pacific + 5 Hyperwallet Type Bank transfer, Gift card, Prepaid voucher Regions Asia Pacific + 5 Market relevance High PayPal Type Wallet Regions Asia Pacific + 5 Market relevance High Paysera Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High PayU Type Bank transfer Regions Asia Pacific + 4 Market relevance High Skrill Type Wallet Regions Asia Pacific + 5 Market relevance High 123 Type Bank transfer, Cash Regions Asia Pacific Market relevance High Aadhaar Pay Type Wallet Regions Asia Pacific Market relevance High Airtel Money Type Wallet Regions Asia Pacific, Middle East & Africa Market relevance High Allied Wallet Type Wallet Regions Asia Pacific + 5 Market relevance High Amazon Pay Type Wallet Regions Asia Pacific + 3 Market relevance High Bajaj Finserv Wallet Type Wallet Regions Asia Pacific Market relevance High BHIM (Bharat Interface for Money) Type Wallet Regions Asia Pacific Market relevance High Boku Type Carrier billing Regions Asia Pacific + 5 Market relevance High Citrus Wallet Type Wallet Regions Asia Pacific Market relevance High DaoPay Type Carrier billing Regions Asia Pacific + 5 Market relevance High Google Pay Type Wallet Regions Asia Pacific + 5 Market relevance High ItzCash Type Wallet Regions Asia Pacific Market relevance High JioMoney Type Wallet Regions Asia Pacific Market relevance High Masterpass Type Wallet Regions Asia Pacific + 5 Market relevance High Mobiamo Type Carrier billing Regions Asia Pacific + 5 Market relevance High MobiKwik Type Wallet Regions Asia Pacific Market relevance High Ola Money Type Wallet Regions Asia Pacific Market relevance High Paytm Wallet Type Wallet Regions Asia Pacific Market relevance High PhonePe Type Wallet Regions Asia Pacific Market relevance High Razer Gold Type Wallet Regions Asia Pacific + 5 Market relevance High RuPay Type Local payment card Regions Asia Pacific Market relevance High Samsung Pay Type Wallet Regions Asia Pacific + 5 Market relevance High SWIFT Type Bank transfer Regions Asia Pacific + 5 Market relevance High WhatsApp Pay Type Wallet Regions Asia Pacific, South & Central America Market relevance High FreeCharge Type Wallet Regions Asia Pacific Market relevance Medium LazyPay Type Buy Now, Pay Later Regions Asia Pacific Market relevance Medium Mi Pay Type Wallet Regions Asia Pacific Market relevance Medium MobiCash Type Wallet Regions Asia Pacific, Middle East & Africa Market relevance Medium PayZapp Type Wallet Regions Asia Pacific Market relevance Medium Secure Remote Commerce (SRC) Type Wallet Regions Asia Pacific + 5 Market relevance Medium Boloro Type Wallet Regions Asia Pacific + 5 G2A Pay Type Wallet Regions Asia Pacific + 5 Hike Wallet Type Wallet Regions Asia Pacific NETELLER Type Wallet Regions Asia Pacific + 5 Oxigen Type Prepaid card, QR code, Wallet Regions Asia Pacific Market relevance Medium Pockets Type Wallet Regions Asia Pacific Samsung Pay mini Type Wallet Regions Asia Pacific SimSim Type Wallet Regions Asia Pacific T Wallet Type Wallet Regions Asia Pacific Truecaller Pay Type Wallet Regions Asia Pacific YES PAY Type Wallet Regions Asia Pacific Splitit Type Instalments Regions Asia Pacific + 5

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