Global payments company Emergent Payments has unveiled Jumpstart India, a local solution designed to help global businesses tap into India’s growing eCommerce market.
The number of active online shoppers in India is expected to rise from 25 million to 40 million by 2017. That will push revenues to $19 billion, which happens to be the same amount India’s government has invested into Internet infrastructure in recent years.
Improved internet capability and the rising popularity of mobile technology are priming India for explosive growth. Currently one in three citizens has access to a bank account, and only 25 percent of online transactions are completed with a credit card.
By offering popular options such as local credit and debit cards along with Netbanking and eWallet, Emergent hopes to capitalize on that growth.
“India is a high growth and underserved market, and there’s clear demand – from our current customers and from the market – for a local solution,” said Mitch Davis, CEO of Emergent Payments.
“That’s why we have set up a local operation to manage all aspects of eCommerce payments in India. We understand the complexities of alternate payment methods for merchants around settlement expectation, refund flows and higher drop offs due to redirect, as well as the compliance landscape originating from card brands, the Reserve Bank of India and local regulations. Further, we have comprehensive risk management and fraud prevention tools.”