India To Become Second Largest E-Commerce Market Within 20 Years

The authors of Worldpay’s Global Payments Report 2016 say that India will become the second largest e-commerce market by 2034, replacing the US behind China. It expects the channel in India to grow at an average 28 percent per year from 2016 to 2020, reaching nearly $64 billion in that year. Etailers like Amazon and Alibaba are establishing platforms to take advantage in the growth of online sales in India, driven by rising Internet penetration. Worldpay expects the 350 million Indian consumers online today to almost double to 600 million by 2020, supported by rapid take up of mobile phones and inexpensive usage. Worldpay expects the use of e-wallets to grow strongly in India, from just eight percent of the country’s online shoppers today.