In the wake of more and more people buying products online, credit card issuers are seeing an increase in their business, and the number of online shoppers is expected to reach 38 million by 2015, states a study.
The number of online shoppers in the country is currently estimated at 14 per cent of the total 74 million internet users and has been growing at 35 per cent in excess of the last three years, as stated by an American Express study.
As said by the study, the number of online shoppers in the country is likely to reach 38 million by 2015.
Last August the country has overtaken Japan to become the world’s third-largest online market in terms of internet user base, growing at 31 per cent, after China and the US, according to research firm comScore.
Credit card providers saw two-times more transactions on Flipkart, 1.6 times at Jabong and six times at Infibeam, says the AmEx study.
The recent ‘great online shopping festival’ launched by Google triggered massive sales for various companies, from online retailers to credit card companies.
American Express offered attractive discounts on leading e-commerce sites like Jabong, Flipkart, Infibeam and Makemytrip and saw 22 times growth in their average daily billings during the campaign, generating USD 1.7 million billings in total and USD 1.2 million in incremental billings during the period, the AmEx study said.
According to Worldline, a payments and transactional services industry player, in the just concluded financial year, the credit card base in the country grew by 4 per cent.
The private sector banks stood as the market leaders in FY14, with a 54 per cent share of the credit card base, Worldline, which is a subsidiary of Atos, said in the report.