India is the fastest-growing internet market in the world, with an internet user penetration reaching over 700 million users in 2020. Accelerated by COVID-19, the number of monthly active users is likely to reach 639 million users by the end of 2020, with a near equal distribution of rural users vs. urban users. With this increase in internet users, coupled with a similar increase in mobile ownership, there has been a natural increase in users' payment apps and e-commerce. Aided by a push by the government and the RBI to move the society from a heavily cash-based society to a digital economy, the market size and opportunity have attracted more companies, large and small to start offering their services in the space. |
