India’s e-comm mkt to grow from $83 bn in 2022 to $185 bn in 2026: Report

Indian e-commerce was worth $83 billion in 2022 and will likely grow to $185 billion in 2026 as it is propelled by unified payments interface (UPI) transactions, said a report on Thursday.

India has emerged as a global leader in payments by developing a real-time payments (RTP) infrastructure, said the report by global financial technology solutions provider FIS. Cash use is declining in the country: it comprised 71 per cent of point of sale (POS) transaction value in 2019 and was just 27 per cent in 2022.

UPI recorded its biggest year-on-year (YoY) growth–of 74.1 per cent–in transaction volume in January 2023. This has helped e-commerce account-to-account (A2A) payments grow to $12 billion, up 53 per cent from 2021 to 2022.