India is a young market –about half of the population is under 25. So it is not surprising that a recent Visa survey shows that young Indians are an important driving force for the e-commerce market in India.
Young Indians in the age group of 18-28 years …spend 16% of their monthly disposable income online while they are ranked third among 16 Asia Pacific countries with total annual disposable income of Rs 7.73 lakh crore.
To handle with the booming online shopping market, convenience payments are in great demand there.
24 percent of the millenials prefer cash on delivery as the most preferred payment method for online purchases, followed by debit card which is preferred by 21%.
The popularity of COD fits well with the low penetration of cards India. But electronic payment companies are hoping to fill the gap.