Indian e-payment market worth $150 Billion
Swati Prasad reports in BusinessWeek that India's retail e-payment market is likely to grow by nearly 70% in the next two years.The value of retail e-payments should reach between US$150 billion and US$180 billion by 2010, according to a report by Celent.
Nilaya Varma, PricewaterhouseCoopers, says, "Indians were circumspect about using e-payment as they were comfortable paying in cash and through checks. Today, the proliferation of telecommunications networks and mobile phones has filled this gap."According to Celent, the Indian debit and credit card market grew at a compounded annual
rate of 128.7 percent between 2004 and 2008 and is expected to reach 210 million cards by 2010.The report expects:1. Debit card circulation to increase to 169 million by 2010, up from 102.4 million2. Credit cards should increase from 27.5 million to 40 millionPayPal popularity in IndiaPayPal is gaining popularity in India for cross-border trade for the sale of gemstones, jewelry, electronics and household items and for services such as Web design, travel and digital content."Young consumers who grew up with technology are coming of age and have their own bank accounts and mobile devices," Shiliashki said. These young consumers expect services to be mobile, 24-by-7 and at their fingertips. "It is this expectation that is driving businesses to enter the online space."PayPal's Shiliashki believes that if the Indian government achieves its goal of having
20 million broadband users by 2010, a greater usage of the Internet and increased familiarity with the opportunities it brings along will result in wider local adoption of e-commerce in India.More: http://www.ivanwalsh.com/category/digital-downloads/
Nilaya Varma, PricewaterhouseCoopers, says, "Indians were circumspect about using e-payment as they were comfortable paying in cash and through checks. Today, the proliferation of telecommunications networks and mobile phones has filled this gap."According to Celent, the Indian debit and credit card market grew at a compounded annual
rate of 128.7 percent between 2004 and 2008 and is expected to reach 210 million cards by 2010.The report expects:1. Debit card circulation to increase to 169 million by 2010, up from 102.4 million2. Credit cards should increase from 27.5 million to 40 millionPayPal popularity in IndiaPayPal is gaining popularity in India for cross-border trade for the sale of gemstones, jewelry, electronics and household items and for services such as Web design, travel and digital content."Young consumers who grew up with technology are coming of age and have their own bank accounts and mobile devices," Shiliashki said. These young consumers expect services to be mobile, 24-by-7 and at their fingertips. "It is this expectation that is driving businesses to enter the online space."PayPal's Shiliashki believes that if the Indian government achieves its goal of having
20 million broadband users by 2010, a greater usage of the Internet and increased familiarity with the opportunities it brings along will result in wider local adoption of e-commerce in India.More: http://www.ivanwalsh.com/category/digital-downloads/