E-commerce payments in India to increase by a quarter in 2020

Indian consumers are embracing e-commerce due to the pandemic

Indian e-commerce

E-commerce payments in India to increase by a quarter in 2020. Source: unsplash.com

According to GlobalData, the e-commerce market in India is expected to grow at a CAGR of 19.6% and reach $98.4 billion by 2023.

The report highlighted that the increased shift from in-store to online spending might lead to e-commerce payments grow of 25.9% this year.

While the current lockdown in the country has led to the overall decline in consumer spending, this is being partially offset by a rise in online spending, as wary consumers stay at home and use online channels to purchase goods. Online payment solutions from the likes of Paytm, Amazon Pay, and Paypal could potentially benefit from the current situation
Ravi Sharma, Banking and Payments Lead Analyst at GlobalData

Earlier, the Indian government banned e-commerce firms from selling or delivering non-essentials products until the lockdown ends. Nevertheless, on 5 May 2020, the restriction was partially lifted with e-commerce companies now resuming the delivery of all products across the country except areas where COVID-19 cases are high.

We’ve reported that the B2C e-commerce turnover in France forecasted to be worth €115.2 billion by the end of 2020. That would sign an increase of 11.4% compared to the previous year when the French e-commerce was worth €103.4 billion.

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