Yes you heard this right. According to one report by Worldpay from FIS growth of Indian e-commerce market will be driven by mobile shopping which is projected to grow 21% annually over the next 4 years.
After covid-19 situation Indian e-commerce players are adding more customers. The Global Payments Report by Worldplay from FIS saw a shift in consumer behaviour caused by covid-19, and new payment trends are seen to be on the rise. The report suggests that all the purchases made with digital wallets are expected to increase their market share of online payments by 2024 to 47%.
On in-store payments, the report said, the Point of Sale (PoS) market in India is projected to increase by 41% between now and 2024 to $1,035 billion. The most popular in-store payment method is cash at 34%, followed by digital wallets (22%) and debit card payments (20%). The report projects digital wallets will overtake cash as the most popular in-store payment method by 2024, accounting for 33% of payments.
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