India's internet and e-commerce market is experiencing rapid growth, showing huge potential:
Large user base: India has 390 million internet users, with 160 million people shopping online. This market scale is already considerable and still in its early stages of development, with huge growth potential in the future.
Digital transformation faces challenges: Despite rapid development, India's digitalization process still faces some challenges. There are significant differences in internet access between urban and rural areas, and there is also an obvious gap in internet usage between men (33%) and women (22%).
Diversified payment methods: - Bank card popularity: India has over 900 million debit and credit cards, which is the dominant payment method. - Coexistence of local and international payment systems: India has five major card payment systems, including the locally widely used RuPay. - Growing emerging payment methods: Direct debit methods such as online banking and UPI, as well as e-wallets like Paytm, are becoming increasingly popular.
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Popular payment methods
RuPay
RuPay is commonly used for cards payments in IN.
- Payment type
- Cards
- Buyer coverage
- IN
- Payment currency
- INR
- Refund
- Partial refund
UPI
UPI is commonly used for bank transfer (online banking) payments in IN.
- Payment type
- Bank Transfer (Online Banking)
- Buyer coverage
- IN
- Payment currency
- INR
- Refund
- Partial refund
India
Country code
IN
Currency code
INR
Currency unit
₹ INR