Palo Alto, CA—Dec. 21, 2015—Emergent Payments, a global payments company specializing in providing a total solution for emerging markets around the world, announced the launch of its office in India and Jumpstart India—a complete local solution to help global businesses capitalize on a $19 billion e-commerce opportunity.
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 merchants around the world. 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 e-commerce industry is approaching $19 billion in revenues.
Currently, credit cards account for only 25 percent of online transactions and only about 35 percent of India's population has access to bank accounts. This leaves a massive opportunity for merchants looking to operate in India. The Indian payment landscape remains largely a cash-based society. Emergent Payments offers residents the top three digital-consumer preferred payment methods—local credit and debit cards, Netbanking, and eWallet.
"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 set up a local operation to manage all aspects of e-commerce 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."
This December, Emergent Payments established a new subsidiary in Bangalore, India to manage local payments, compliance and operations. This follows Emergent Payments recent launch in Brazil.