India’s e-Commerce Market will Reach 150 Billion Dollars

Current Context: FIS 2023 Global Payments Report reported that cash use declined from 71 per cent of POS transaction value in 2019.

• India’s e-commerce market is projected to grow to $150 billion in 2026 as compared from $83 billion in 2022.
• 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 account-to-account (A2A) payments grow to $12 billion and Unified Payments Interface (UPI) has helped in this e-commerce growth. It was 53 per cent between 2021 and 2022.
• The A2A transactions are estimated to grow by 195 per cent to $36 billion said by Global Payments Report by 2026.
• The default payment option in India currently is UPI. Majority of transactions are done through the platform.Ddigital wallets will be used in transaction value more by 88 per cent by 2026. Cash will decline by 34 per cent in transaction value by 2026.The e-commerce market will grow by 82 per cent by 2026.
• In between March 2020 and August 2022 , UPI grew by 427 per cent in transactions. Commercial wallets such as Google Pay, Paytm and PhonePe have helped digital wallets grow to 35 per cent. In January 2023, the number of banks live on UPI has increased to 385.

Question :

Q.1 India’s e-commerce market is projected to grow to $150 billion in_______ as compared from $83 billion in 2022.
a. 2027
b. 2025
c. 2026
d. 2028