With a population of more than 1.2 billion, 250 million Internet users and a $19 billion government investment in Internet infrastructure, India represents a huge growth opportunity for U.S. merchants. Fueled by an increase in online shoppers, which is predicted to rise from 25 million to 40 million in the next two years, India's payments industry is approaching $14 billion in revenues.
Currently, credit cards account for only 25% of online transactions and only about 35% of India's population has access to bank accounts. This leaves a massive opportunity for Global Merchants looking to operate in India. The Indian payment landscape remains largely a cash-based society. Emergent Payments offers residents the top three consumer preferred payment methods – Netbanking, eWallet, and local credit and debit cards.