Biggest e-commerce payment brands in India 2024 | Statista (2024)

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Biggest e-commerce payment brands in India 2024 | Statista? ›

We asked Indian consumers about "Biggest e-commerce payment brands" and found that "Google Pay" takes the top spot, while "PayUbiz" is at the other end of the ranking.

India's e-commerce sector is expected to reach INR 4,416.68 billion in 2024, with an annual growth rate of 11.45% to reach INR 7,591.94 billion by 2029. The UPI transactions touched INR 125.94 trillion in 2022, with a user base exceeding 800 million. By 2029, e-commerce users are expected to reach 501.6 million.

Among Indian consumers the two most popular categories for online purchases are Clothing and Shoes. 61 percent and 44 percent of consumers respectively chose these answers in our representative online survey. The survey was conducted online among 4,033 respondents in India, in 2024.

Flipkart is the biggest e-commerce company in India with all its subsidiaries, i.e., Flipkart, Myntra, Flipkart Wholesale, Flipkart Health+, and Cleartrip.

The future of payments in India looks promising, with projections of growing at a 40% CAGR to reach $10 trillion by 2026. UPI, wallets, and emerging options will drive further financial inclusion while delivering enhanced user experiences through innovations like biometrics and AI.

In 2024, the potential for increased conversion rates, basket sizes and consumer engagement online through AI advertisem*nts will outweigh the risks of getting it wrong, as long as retailers have the right digital expertise and quality assurance practices in place.

Key Takeaways from This Article. ✅ E-commerce growth will continue to accelerate, with an expected CAGR of 14.7% through 2025. ✅ Mobile commerce will dominate, accounting for 72.9% of e-commerce sales. ✅ Personalization and customer experience will become paramount, leveraging AI and data analytics.

The items sold most online in India include electronics like smartphones and laptops, fashion apparel, home appliances, and daily essentials such as groceries and personal care products. The popularity can vary based on consumer trends and seasons.

Items pertaining to leisure, sport, and hobby also rank among the top items women buy online. More than one in five (21%) of them say they purchase these products on the internet. Jewelry and accessories and home and garden rank next, with 18%.

The future of e-commerce in India is promising, with projections indicating annual growth rates of 18% through 2025. By 2030, India is anticipated to emerge as the third-largest consumer market globally, underlining the vast opportunities and potential that lie ahead of the e-commerce sector in the country.

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In 2023, the largest e-commerce companies in India were Flipkart, Snapdeal and Amazon.

We asked Indian consumers about "Biggest e-commerce payment brands" and found that "Google Pay" takes the top spot, while "PayUbiz" is at the other end of the ranking. Find this and more survey data on most used online payments by brand in our Consumer Insights tool.

UPI growth

NPCI data also showed that the average daily transaction value through UPI in July 2024 was ₹466 million, or about ₹66,590 crore. Compared with June, the volume of UPI transactions grew by 3.95% in July, while the value of transactions increased by 2.84%.

UPI continues to be the king of digital payments in India. The report highlights a remarkable 56% year-on-year growth in UPI transactions between July and December 2023. The total volume surged to a staggering 65.7 billion transactions, compared to 42.1 billion in the same period last year.

At present, the e-commerce market in India is valued at $70 billion, which accounts for around 7% of the nation's overall retail market. The internet penetration has witnessed significant growth, with 52% of the Indian population, approximately 759 million people, accessing the internet in 2022.

In the eCommerce Market, the number of users is expected to amount to 375.2m users by 2029. User penetration will be 16.9% in 2024 and is expected to hit 25.5% by 2029. The average revenue per user (ARPU) is expected to amount to US$247.50.

Invest India forecasts India's e-commerce to soar to $325 billion by 2030, fueled by 500 million shoppers and robust internet penetration. The country's digital transformation is driven by affordable data, smartphone usage, and a focus on rural e-commerce growth.

Global e-commerce market size is projected to reach US$ 47.73 Trillion by 2030. Global e-commerce market is growing at a CAGR of 12.22% from 2022 to 2030.