New Delhi: Growing at a rate of 28 percent annually, the Indian mCommerce market will more than double over the next four years and is set to be worth USD 54.0bn in 2022, according to new data from payment processing company Worldpay, Inc.
Mobile commerce is also on track to overtake desktop sales as the online channel of choice as early as 2020 in India, the survey found.
In its annual Global Payments Report, Worldpay found that India's mCommerce growth is driven by the rise of eWallets; currently accounting for a quarter of online sales, eWallets are forecasted to make up 44 percent of the market by 2022.
EWallets are also gaining popularity in-store, growing at a rate of 39 percent each year. Already familiar with using smartphones for social networking, Indian consumers are using their trusted mobile devices to pay for goods both online and offline.
The Worldpay's report, examined online shopping in 36 countries across five continents, found that mCommerce currently accounts for 38 percent of the $1.3tn global eCommerce market, and is set to grow by a staggering 19 percent over the next four years.
By 2022, the largest mCommerce markets in the world are forecasted to be China ($1.18tn), US ($0.36tn), UK ($115.3bn), France ($62.3bn) and India ($54bn).