eCommerce Payment Trends for the Modern Indian Shopper

In recent years, the convergence of increased internet and mobile users, coupled with the surge in eCommerce payment trends, has reshaped the retail landscape. The convenience and user-friendly nature of online shopping have driven remarkable growth.

In India, eCommerce revenues skyrocketed from $15 billion in 2017 to an impressive $63 billion in 2023, with projections soaring to $350 billion by 2030. This exponential growth can be attributed, in part, to the transformative advancements in eCommerce payment technology.

Innovative solutions have made payments instant, more secure, inclusive, and economical for masses of consumers. They are fueling growth for businesses, enabling them to deliver more value to their customers. And for enterprises seeking a competitive edge, early investments in cutting-edge and economical payment technology can be a game-changer.

In this post, we’ll explore the top eCommerce payment trends that are currently shaping the landscape and offering a strategic advantage to online platforms. Let’s dive in!

Top 5 eCommerce Payment Trends 

A snapshot of the top five eCommerce payment trends that are revolutionizing this domain for businesses:  

Growing Popularity Of Credit Card/Debit Card EMIs

The rise in the number of credit card and debit card holders has triggered credit innovation to bring inclusivity and affordability to the eCommerce shopping experience. 

Consumers can now access loans at the point of sale via credit card and debit card EMIs rather than having to make lump-sum payments when they cannot afford them. Instead, they can choose the terms of the loan as per monthly cash flows. They can get quick approvals from the bank and proceed to make a purchase with convenience and flexibility at their fingertips. 

Leveraging Buy Now, Pay Later 

While there has been a growth in the number of credit card holders, large numbers of consumers are left out of this opportunity. The Buy Now, Pay Later option enables consumers left out of the credit card ambit to access a loan at the point of sale. They can get quick approvals and must commit to making the full payment on a specific date.

This inclusive option, while not as flexible as credit cards, can be accessed without the cumbersome paperwork and waiting periods associated with credit cards. The gross merchandise value of customers availing of the Buy Now, Pay Later option in India is expected to rise from $12.22 billion in 2022 to $ 26.1 billion by 2028. By offering this option, eCommerce businesses can attract new audiences to their platforms. 

Growing Comfort With Payment Links

A growing number of consumers prefer to shop through alternate channels, such as social media and messaging apps, rather than eCommerce websites and apps. eCommerce platforms are capitalizing on this trend by introducing payment links into the payment mix. 

E-commerce platforms can not only market their products and engage customers via multiple channels but also accept payments with the use of a payment link. This is a safe, secure mode of payment that enables instant payments and prevents data breaches and misuse of sensitive financial information. 

Growing Attraction Of Brand EMIs 

Brand-conscious consumers are always on the lookout for exclusive deals on their favourite brands. eCommerce platforms can capitalize on this trend by introducing EMIs into the mix. They can craft unique offers on popular branded products while enabling customers to take a loan at the point of sale.

Referred to as brand EMIs, this option enables customers to pay for a branded product via EMIs within a tenure of their choosing. eCommerce can sweeten the deal by pricing their products well and bringing affordability to the table. 

Uptake Of Cardless EMI 

Another key innovation that is revolutionizing the eCommerce business is the introduction of cardless EMIs. Customers with a bank account and mobile number can receive instant approvals on loans at the point of sale and can purchase products as per their cash flows. They do not need to own a credit card or debit card.

This offer is especially attractive to newly banked customers who require a simple, inclusive way to become active consumers of the eCommerce ecosystem. 

Payment Trends For eCommerce Businesses

A key digital payment trend is the adoption of payment gateways by eCommerce platforms to enhance the payment experience for users during the checkout process. 

  • A superior payment gateway enables platforms to allow multiple payments simultaneously and securely
  • It facilitates multiple payment options, such as credit cards, debit cards, UPI apps, and net banking.
  • Another key advantage is that merchants can generate secure payment links, which can be shared with customers in any channel of their choice, to enable seamless payments. 
  • Payment gateways such as Plural Gateway also come with an affordability suite, which allows customers to take loans at the point of sale through avenues such as Buy Now, Pay Later, cardless EMI, branded EMI, and debit card and credit card EMIs. 
  • A superior gateway also enables eCommerce platforms to leverage a brand EMI engine to combine exclusive offers on branded products with affordability options to sweeten the deal for customers. 

Impact Of Digital Payments On Improving Revenue

Innovations in digital payments have played a major role in the accelerated growth of eCommerce. Digital payment technology delivers several advantages to the customer’s user experience. 

For instance, the power of choice makes digital payments inclusive, thus allowing customers to pay using their preferred option—from net banking to cards or through the EMI engine.

Businesses can also expand their geographical footprint nationally and globally due to investments in the secure, instant nature of payments. This way, they can tap into a larger customer base and explore markets that may have been inaccessible with traditional payment methods.

Additionally, digital payments contribute to improved cash flow for businesses. The streamlined and automated nature of digital transactions ensures that payments are processed quickly and efficiently.

The Takeaway 

By leveraging innovative eCommerce payment technology, such as a superior payment gateway, e-commerce businesses can deliver more value to customers. 

Partnering with payment technology specialists can help businesses build customized solutions designed to serve the specific needs of their business. They can comply with payment regulations and ensure data security.   

Our comprehensive payment gateway enables eCommerce businesses to offer a full suite of payment options and an affordability suite encompassing cardless, card, and brand EMIs, payment links, and Buy Now, Pay Later options. 

Plural Gateway is backed by industry-standard security systems to protect customer data. With our Affordability Suite, you can empower customers with flexible payment options and contribute to increased conversion rates and customer satisfaction in the long run. 

Got questions? Write to us at today or click below to register your interest.

Plural by Pine Labs has received an in-principle authorization from the Reserve Bank of India (RBI) to operate as a payment Aggregator. 

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