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India’s e-commerce market projected to touch $150 b in 2026: Report – BusinessLine

India’s e-commerce market projected to touch $150 b in 2026: Report – BusinessLine

India’s e-commerce market is projected to grow from $83 billion in 2022 to $150 billion in 2026, according to FIS 2023 Global Payments Report.The report added that cash use declined from 71 per cent of POS transaction value in 2019 to just 27 per cent in 2022. The Unified Payments Interface (UPI) has helped e-commerce account-to-account (A2A) payments grow to $12 billion, which is up 53 per cent between 2021 and 2022, and digital wallets have also grown from 5 per cent to 35 per cent of POS value. The Global Payments Report also shows that by 2026 A2A transaction value is expected to grow by 195 per cent to $36 billion.UPI has almost become the default payment option in India. While cash is still there, increasingly, a majority of peer-to-peer transactions are done through the platform. According to the data released by FIS, cash is expected to decline by 34 per cent in transaction value by 2026, and digital wallets are expected to rise in transaction value by 88 per cent by 2026. In the online space, the e-commerce market size is expected to grow by 82 per cent by 2026, providing a greater boost to digital payments.UPI grew 427… 

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