New Delhi: The e-commerce transaction worth in India is more likely to rise from $83 billion in 2022 to just about $150 billion in 2026 at a 16 p.c compound annual progress charge, a report confirmed on Wednesday. The Philippines, Indonesia, India, Malaysia, and Vietnam are projected to steer e-commerce progress in APAC by way of 2026, in line with the FIS Global Payments Report 2023.
“India has emerged as a global payments leader, developing the next generation of real-time payments infrastructure with the Unified Payments Interface (UPI), a project of the National Payments Corporation of India (NPCI) and the Reserve Bank of India (RBI),” stated the report. (Also Read: Earn Upto Rs 2 Lakh Per Month By Investing Rs 2 Lakhs In This Business)
UPI’s dramatic success derives largely from its seamless interoperability with industrial wallets comparable to Google Pay, Paytm, and PhonePe, it added. (Also Read: Online Gift Fraud: Pune-Based Woman With MBA Degree Duped Of Rs 37 Lakh – Check How She Lost Money)
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Meanwhile, the worldwide e-commerce transaction worth is more likely to rise from $6 trillion in 2022 to over $8.5 trillion in 2026 at a 9 p.c compound annual progress charge, in line with the report.
The explosive progress in international e-commerce within the first two years of the pandemic has barely slowed in 2022, with a ten per cent YoY progress in international e-commerce transaction worth from 2021-2022.
Despite decreased progress charges in comparison with the preliminary pandemic interval, the forecast for international e-commerce stays bullish.
“All regions except Europe saw double-digit growth from 2021-2022, with the highest growth of 21 per cent in the Middle East and Africa. Markets in Latin America, the Middle East, Africa, and Southeast Asia, except for Thailand at 9 per cent, continue to be high-growth markets,” stated the report.
In India, Open Network for Digital Commerce (ONDC), an initiative of the Department of Promotion of Industry and Internal Trade (DPIIT) at Ministry of Commerce is envisioned to create a facilitative mannequin to revolutionise digital commerce, giving better thrust to penetration of retail e-commerce in India. Common Services Centres (CSC), underneath the Ministry of Electronics and IT (MeitY), stated it has invested within the ONDC to advertise e-commerce and logistics in rural areas.
Currently, the ONDC community has greater than 40,000 sellers dwelling in over 200 cities.
“It is for the first time that CSC has invested in an initiative like this. ONDC will democratise digital commerce by moving to an open network. The partnership will also generate employment opportunities for rural youth by enabling a last-mile logistics network,” stated Dinesh Tyagi, MD, CSC SPV.
However, some challenges nonetheless have to be addressed to maintain this progress. For instance, the report stated the dearth of digital infrastructure and monetary inclusion in some rising markets can hinder e-commerce progress.
Additionally, regulatory challenges and cross-border commerce limitations can create obstacles for companies trying to broaden globally, it added.
