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India’s e-commerce market set to increase 96 percent to $120 billion by 2025, new FIS study finds

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India's e-commerce market set to increase 96 percent to $120 billion by 2025, new FIS study finds

India’s e-commerce market continues its rapid expansion and is forecast to increase 96 per cent between 2021 and 2015 to $120 billion (USD), according to a new report released today from financial technology leader FIS® (NYSE: FIS).

The 2022 Global Payments Report by Worldpay from FIS examines current and future payments trends across 41 countries in 5 regions. Regarding 2021, the report found the shift to online continued with 13.9 per cent growth in global e-commerce, while the 13.4 per cent growth in point-of-sale (POS) transaction value reflects the steady recovery from the impacts of the COVID-19 pandemic.

E-commerce Payment Trends

The FIS report found:

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  • The Indian e-commerce market is projected to grow by 96 per cent between 2021 and 2025 when it will surpass US$120 billion in transaction value.
  • Digital wallets (45.4 per cent) followed by debit cards (14.6 per cent) and credit/charge cards (13.3 per cent) were the leading e-commerce payment methods in 2021.
  • Digital wallets are projected to extend their lead over other e-commerce payment methods through 2025, when they are projected to account for 52.9 per cent of transaction value.
  • Buy now, pay later is India’s fastest-growing online payment method. BNPL is projected to rise to 8.6 per cent of e-commerce market value by 2025, up from just 3 per cent in 2021.
  • Prepaid cards, bank transfers and cash on delivery market shares are in decline and are projected to collectively comprise just 8.8 per cent of e-commerce transaction value by 2025.

Point-of-Sale (POS) Payment Trends

The FIS report found:

-India’s POS market is projected to increase by 28.8 per cent between 2021 and 2025, when it will exceed US$1.08 trillion. -Cash was the leading in-store payment method in 2021 with 37.1 per cent of transaction value, followed by digital wallets (24.8 per cent), and credit/charge cards (18.1 per cent). -Digital wallets are projected to overtake cash as the most popular in-store payment method by 2023 when they are projected to account for 30.8 per cent of POS transaction value.

“The e-commerce industry in India has witnessed strong growth over the last few years and this growth is showing no signs of slowing down,” said Phil Pomford, General Manager APAC, Worldpay Merchant Solutions at FIS. “The COVID-19 pandemic has brought fundamental changes in the way people shop and make their purchase decisions throughout India, and it’s now vital for merchants to provide customers with a hassle-free and convenient shopping experience. Those who offer a compelling value proposition to consumers are well positioned to thrive as India’s e-commerce market continues its dramatic growth.”

Also Read: India reports 7,554 new COVID-19 cases, 223 deaths in last 24 hours

To download the complete report, including the methodology, please visit https://worldpay.globalpaymentsreport.com/

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The Global Payments Report by Worldpay from FIS offers a snapshot of the payments landscape: globally, by region and in 41 select markets. The report tracks consumer payments when shopping online and at the point of sale, identifies key payment trends including B2B and C2B real-time payments, and projects future scenarios for payment method shares as well as market size. The report’s data was collected using a survey of 46,000 consumers, secondary research, and extensive validation by payments experts from each region; the complete research methodology is published as an appendix to the report. Published continuously since 2015, The Global Payments Report by Worldpay from FIS is an industry benchmark used by merchants, financial institutions, press and researchers around the world.

The statements contained in this release that are not purely historical are forward-looking statements within the meaning of the U.S. federal securities laws. Statements that are not historical facts, including statements about anticipated financial outcomes, market trends and expected outcomes, as well as other statements about our expectations, beliefs, intentions, or strategies regarding the future, or other characterizations of future events or circumstances, are forward-looking statements. These statements relate to future events and involve a number of risks and uncertainties. Actual results, performance or achievement of the Company in light of these market projections could differ materially from those contained in these forward-looking statements. Forward-looking statements are based on market research as well as assumptions made by, and information currently available to, management. The risks and uncertainties to which forward-looking statements are subject include, without limitation, results of operations, financial condition, cash requirements, future prospects, changes in the growth rates of the markets for our solutions; changes in applicable law, adverse impacts on the market and Company’s common stock due to a pandemic or other adverse natural phenomena beyond our control, adverse developments affecting digital or other innovative solutions, changes in general economic, business and political conditions, and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of the Company’s Annual Report on Form 10-K and other filings with the Securities and Exchange Commission. Except as required by applicable law or regulation, we do not undertake (and expressly disclaim) any obligation and do not intend to publicly update or review any of our forward-looking statements, whether as a result of new information, future events or otherwise.

FIS is a leading provider of technology solutions for merchants, banks and capital markets firms globally. Our employees are dedicated to advancing the way the world pays, banks and invests by applying our scale, deep expertise and data-driven insights. We help our clients use technology in innovative ways to solve business-critical challenges and deliver superior experiences for their customers. Headquartered in Jacksonville, Florida, FIS ranks #241 on the 2021 Fortune 500 and is a member of Standard & Poor’s 500® Index. To learn more, visit www.fisglobal.com. Follow FIS on Facebook, LinkedIn and Twitter (@FISGlobal).

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Jeff Bezos Lookalike Cagdas Halicilar Enjoys Lavish Lifestyle By Impersonating The Billionaire 

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Jeff Bezos Lookalike Cagdas Halicilar Enjoys Lavish Lifestyle By Impersonating The Billionaire 

A 46-year-old German man, Cagdas Halicilar, is currently the talk of the town as he has emerged on the internet as Jeff Bezos’ lookalike. 

Thus, Cagdas Halicilar has transformed his profession into a professional Jeff Bezos doppleganger from an electrician. 

The 46-year-old reveals that now he lives an opulent lifestyle as an entrepreneur. 

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Cagdas Halicilar was often told by his family and friends that his looks were similar to those of a billionaire. However, only when he saw Jeff Bezos’ picture, did he understand what people around him meant. 

The New York Post reported that Halicilar dreamed of becoming a successful business executive. With him founding CB Transporte, a transport company, he lived his dream. 

After accepting his resemblance to Jeff Bezos, Cagdas Halicilar enrolled himself at a doppelgänger agency. 

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Cagdas Halicilar Gained Popularity by Being Jeff Bezos’ Lookalike

Most of the time, he dressed up in casual attire which made him look more like a billionaire, as Jeff Bezos also dressed up casually. 

Halicilar added, “It doesn’t matter whether I’m wearing a suit or wearing jeans and a polo shirt.”

He added how it requires a bit of effort to maintain his appearance like a billionaire. He shaves his head and applies Nivea cream regularly. The German doppleganger added that he has been doing the same for more than ten years now. 

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The 46-year-old has gained a lot of popularity and recognition over the years for his work as Jeff Bezos’s doppelgänger. His spouse complained that people often stopped him and asked for selfies on the street. 

In the “King of Stonks,” the German Netflix miniseries, he also had a guest spot. 

When in Seattle once, Cagdas Halicilar strolled through the Amazon campus. Surprisingly, Amazon employees thought that he was Jeff Bezos, reported TimesNow.

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He said,

“All the Amazon employees came to me, wanted selfies and thanked me for being proud to work at Amazon.” 

Furthermore, he added,

“My wish is to drink a whiskey with Jeff Bezos on his yacht. He is just as much of a yacht fanatic as I am.”

Also Read: Twitch Streamer Maya Higa Opens Up About Horrific Stalker Incident During Recent Livestream

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Lawsuit Claims Cinemark Shortchanged Customers on Sold Beverages

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Lawsuit Claims Cinemark Shortchanged Customers on Sold Beverages

A North Texas movie-goer has filed a lawsuit over Plano-based Cinemark drink sizes.

The lawsuit alleges that the movie theater chain fleeced its customers by shorting beverages sold in the chain’s canteens.

The chain loudly advertised that the 24-ounce container is a better deal, claiming consumers will get more for less price, while the reality is that Cinemark swindles customers by shortchanging them on sales for the 24-ounce beverage cup.

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Cinemark Accused of Shortchanging Customers on Beverage Sales

The proposed class action lawsuit has been filed in a Texas federal court and it indicts the movie.

The lawsuit further details how consumers got only 22 ounces of liquid, which is the maximum that can be filled in Cinemark’s 24-ounce cups.

It is alleged that the deception was part of a deliberate packaging and pricing practice.

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Also Read: California mother files lawsuit against Tesla after her 2-year-old child starts Model X and runs over her

Theaters pay almost 50% of the revenue generated by ticket sales to the studios but keep all the profits generated by the sales of food and beverage.

Increased competition has pushed the chain to offer concessions and bonuses, and this helped Cinemark in 2023 to record its highest concession sales of all time.

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However, the lawsuit alleges that Cinemark dupes its customers by shortchanging them on sales for the 24-ounce beverage cup instead of the 20-ounce beverage cup.

The reality is that consumers pay less for a 20-ounce cup, which is also a better deal than buying a 24-ounce beverage cup.

The complaint stated,

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“The size of the container in relation to the actual volume of the product contained in it was intended to mislead the consumer into believing the consumer was getting more of the product than what was in the container by a twelfth.”

The lawsuit was brought by Texas resident Shane Waldrop, who purchased a 24-ounce beverage cup in February which cost him $8.80 before tax.

However, on closer look, he realized that the cup was not large enough to hold 24 ounces. This was confirmed later when Shane took the cup home and found that it could contain only 22 ounces of liquid.

Thus, the consumer was duped 2 ounces for every cup he bought.

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The lawsuit charged the movie theater chain with neglectful falsification, deception, unjust profiteering, and a violation of Texas’ Deceptive Trade Practices Act and asked for a court order to halt such practices.

Waldrop is seeking compensatory damages and also demanded a jury trial over the claims.

Also Read: Johnson Controls subsidiary Tyco Fire Products to pay $750 mn to settle ‘forever chemicals’ lawsuit

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Mukesh Ambani’s 67th Birthday: How He Built The Reliance Industries

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Mukesh Ambani Birthday

It is Mukesh Ambani’s 67th birthday, and today we will try to get to know about the incredible journey of this man who, with sheer determination and grit, has created one of the biggest conglomerates in the world.

Reliance Industries, which passed into his hands in the 2000s, grew at a pace which was phenomenal.

Born on April 19 to Dhirubhai Ambani and Kokilaben in Aden, Yemen, where his father was based before moving back to India.

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Reliance Industries was already a big company, but its growth after Mukesh Ambani took on the reins was phenomenal.

With astute business acumen and strategic vision, Ambani has propelled Reliance Industries to dizzying heights, making it one of India’s most powerful empires.

It was under his stewardship that Reliance Industries diversified from being a petroleum company to enter other fields like Telecommunication and the Aerospace industry.

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The 5G revolution, which has swept the country, is largely due to the efforts of Mukesh Ambani and his company Jio. Jio offered high-speed and cheap internet services to the farthest corners of the company, and this helped it to capture a major chunk of the telecommunication sector. Today the nation’s population is using internet data in an unprecedented way.

Another diversification move was the entry of Reliance Industries into retail, energy, petrochemicals, and media. Reliance also acquired and invested in Future Group’s retail assets, as well as the creation of JioMart, an e-commerce venture.

Reliance also entered into a partnership with the Indian media company Viacom18 and the American entertainment giant Disney to create a joint venture, valued at $8.5 billion. The venture also gave exclusive rights to Reliance to distribute Disney productions in India.

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It is his futuristic vision which catalyzed Reliance Industries to invest heavily in the renewable energy sector. The company has built solar and wind energy farms and is contributing in a big way to help India achieve its renewable energy targets while lowering carbon emissions and environmental impact.

Again, it is his futuristic views which made him create the Jio Institute, which is a truly world-class educational institution dedicated to cutting-edge research and technical improvement. The stated motto of the institute is to help develop future leaders and innovators who will help the country grow to become a developed nation in the coming decades.

The phenomenal growth and success of Reliance Industry can be attributed to Mukesh’s keen sense to anticipate market trends, evolve as per changing consumer preferences, seize emerging possibilities, and produce products and services of the highest quality.

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As of April 19, 2024, according to Forbes, Mukesh Ambani’s net worth is to the tune of $115.8 billion, and he is ranked one of the top 10 wealthiest people in the world on Forbes magazine’s annual list of billionaires in 2021, 2022, and 2023.

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