India's e-commerce industry is riding a wave unlike any other. What was a fledgling market a few years ago has now surged into a juggernaut, reshaping the retail landscape and transforming consumer habits.
Figure this: India has the world's second-largest online population with over 800 million internet users. By 2025, this number is expected to breach the 1 billion mark. By that time, India will also have over 700 million smartphones thanks to affordable devices and data plans.
This combined will bring even more and more of rural India onto the online shopping bandwagon and of course, it will all be mobile-first. In fact, even now, around 70% of India's e-commerce traffic comes from mobile devices.
While cash-on-delivery (COD) remains the preferred mode of payment, digital payments are not far behind. UPI, as we all know, is playing a big role here and the e-rupee, India's CBDC, is further expected to fuel the digital payments revolution. Buy-now-pay-later (BNPL) will also play its part by making credit easier to avail for young India to fulfill its aspirations at a time when disposable income is already on the rise.
On the business side, e-commerce companies are adopting hyperlocal strategies to penetrate deeper into the vast country. Localized language interfaces, regional product assortments, and cash-on-delivery options cater to the preferences of specific regions and communities. The rise of social commerce with social media apps integrating seamless purchase experiences, personalized shopping through AI and voice assistance will further boost the industry.
Keeping pace with digital commerce
The e-commerce industry is growing at a breakneck speed, and it is up to the digital payments industry to meet its growing demands. The next surge in digital commerce will not be possible without digital payments playing a major role. This is why payment acquirers need to provide dependable and cuttingedge services.
FSS Payment Gateway, which is now powered by FSS BLAZE, ensures dynamic scalability for businesses of all sizes. The payment gateway shows remarkable resiliency during peak hours for banks and merchants, possessing the capability of processing up to 5,000 transactions per second (TPS) on demand. FSS BLAZE ensures that our payment gateway is seamless and cost-effective to manage, providing optimized infrastructure resource allocation.
The next big thing in payments
Before we explore more features of FSS Payment Gateway, here's a quick glimpse of FSS BLAZE. A payments technology platform, BLAZE is built on a robust microservices architecture and offers seamless growth, uninterrupted performance and effortless integration. BLAZE is designed with modern principles in mind by reimagining payment boundaries, embracing data-driven decisions and ensuring security at every stage. In short, FSS BLAZE makes it possible for FSS Payment Gateway to propel payments innovation at the speed of commerce.
And that's not all. FSS Payment Gateway improves merchant reach with multi-channel, multi-currency and multi-payment instruments to capture higher transaction volumes. It also empowers merchants to accept payments through modes like payment links, QR codes and standing instructions.
The best part is, FSS Payment Gateway ensures that no merchant gets left behind. It caters to all modern-day businesses of every scale and size. From small shops to conglomerates and from occasional businesses to individual merchants, FSS Payment Gateway empowers everyone to accept digital payments with the BLAZE microservices architecture that allows complete choice of functionalities and easy integration with other financial services.
Riding the e-commerce wave
In conclusion, India's e-commerce industry is a dynamic force rewriting the rules of retail. With its immense potential, it presents a fascinating landscape for innovation and growth. As the industry navigates its exciting journey, its success will be closely tied with the ever-changing digital payments landscape.
The future of Indian e-commerce is undoubtedly bright, with the potential to revolutionize the way millions shop, connect, and experience the world of commerce. Be a part of this revolution with FSS Payment Gateway.
Learn more about FSS Payment Gateway.
