Sep 26, 2016
The growth rate of India's GDP reached 7.5% in 2015, according to the Market Report published by the Indian Industry Association. The size of the Indian B2C e-commerce market was 16 billion with a growth rate of 34%, which is expected to reach 100 billion by 2020.
In recent years, thanks to the construction of the 3G network and the reduction in the cost of smartphones, the rate of Internet penetration and the number of smart mobile devices in the region have increased very rapidly. India's smartphone subscribers in 2015 reached 220 million users, making it the second largest smartphone user market in the world after China, also making it the world's largest mobile commerce market.
With the development of the middle class in India, the number of online consumers in 2020 is expected to be four times higher than in 2015.
While Indians are interested in online shopping, local methods of online payment are still relatively backward. Cash on delivery is the most popular way in India to sell products that account for 60% of e-commerce transactions.
In order to encourage more consumers to join the the ranks of non-cash consumption, the government of India has taken a series of measures to actively promote the popularity of bank cards. The Reserve Bank of India also introduced a unified payment interface (UPI) technology in April of this year. This technology allows consumers to use a specific identification between bank transfers without the need for complex authentication.
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