Driven by sustained growth of the online travel booking industry and new business models for insurance and mutual funds sectors, the domestic e-commerce market is poised to clip at over 50 per cent this year, according to an industry data aggregator.
It is believed that online travel booking segment will be the major contributor to the growth. The total market size of the industry stood at Rs 46,520 last year, a massive jump from Rs 8,147 crore in 2007. The online travel industry comprising rail and air ticket bookings, etc cornered 81 percent of the market share at Rs 37,890 crore last year.
E-payments system is expanding in the mutual funds and insurance segments, apart from the public sector space, with government bodies increasingly adopting this route for both accepting and making payments.
While the spends on online air travel bookings grew 39 percent last year over 2010, the rail travel bookings clocked 11 percent growth during the same period.
Among segments such as e-tailing, digital downloads, paid contents subscription, etc, e-tailing contributed 31 percent share, fetching a revenue of Rs 2,700 crore.
First Data is a global technology and payments processing leader with financial institutions, large and small businesses as well as government agencies as major clients.