According to the study by financial services firm Avendus, the number of unique users transacting on travel sites (only) are estimated to be around 6-7 million and for non-travel ecommerce sites is around 2-3 million today
As Internet penetration is increasing and e-commerce becoming more secure, the number of people transacting online is expected to touch 39 million by 2015, says a study.
According to the study by financial services firm Avendus, this will also provide a further fillip to the Indian e-commerce market which is estimated to grow to $24 billion by 2015 from $6.3 billion now.
At present, about 8-10 million people in India transact online, which is about 11 percent of the 80 million Internet users in the country, which represents a penetration of 7% of the population and 17% of the urban population, says the study titled 'Indian Digital Consumer Industry'.
The number of transacting users in the US was 170 million in 2010, comprising 69% of the overall Internet users there. This number has been growing at 8% for the last six years.
In India, a large part of the transaction takes place on travel-related sites, it said.
"The number of unique users transacting on travel sites (only) are estimated to be around 6-7 million and for non-travel ecommerce sites is around 2-3 million today," it said. In India, online travel revenues are dominated by ticket bookings, with air and train bookings accounting for close to 90% of the segment's revenues. Bus travel, hotels and tour packages have been slower to evolve but are now growing rapidly.
"The online travel market is estimated at Rs24,900 crore ($5.5 billion) in 2011. This makes India one of the most lucrative markets for online travel," the study said. While 57% of the online travel revenue came from air travel, train and hotel packages contributes 37% and 5%, respectively, in 2010-11. The remaining 1% was from bus bookings.
Online travel is expected to grow at 22% to reach Rs54,800 crore by 2015, it added. Online train ticket bookings are estimated to be around Rs8,000 crore ($1.8 billion) in 2010-11, accounting for around 32% of the overall ticket bookings. This is expected to grow to Rs10,000 crore in 2012.
However, etailing (mass merchants, niche and deals) will catch up with online travel by 2015, with each of them contributing about $12 billion to the total e-commerce market in 2015, it said.
The money transfer solutions were launched following a tie-up with US-based Moneygram International
The Department of Posts (DoP) has launched money transfer service in 59 head post offices in Karnataka helping Indians living abroad to “swiftly” transfer money back home.
The money transfer solutions were launched following a tie-up with US-based Moneygram International, a senior DoP official said. “Receiving money is simple. The person remitting the money with any of Moneygram International agent overseas will have pass on the reference number to the receiver, who will get the money in these post offices in no time by showing any of the ID such as ration cards,” the official said.
According to HDFC Bank, the transactions include cash deposit, cash withdrawal, money transfer and balance enquiry
HDFC Bank has launched MobileBank Accounts in association with Vodafone m-paisa. “Through this arrangement, customers can now perform basic banking transactions on mobile phones and even deposit and withdraw cash at appointed Vodafone m-paisa outlets, without having to go to bank branches,” HDFC Bank said in a statement.
In Rajasthan, which is the first state where the partnership has been implemented, over 2,200 retailers across 320 villages and 54 towns are already operational in opening HDFC Bank MobileBank Accounts with Vodafone m-paisa. The transactions include cash deposit, cash withdrawal, money transfer and balance enquiry, the statement added.
Rahul Bhagat, country head–retail liabilities, marketing & direct banking channels, HDFC Bank, said there are 600,000 habitations in the country but only about 89,000 bank branches are making access to banking services difficult in remote areas.