As India’s economy is set to become the third largest in the world by 2030, EBANX operates in the country in a partnership with YES BANX, a private sector bank, enabling cross-border ecommerce merchants to offer UPI's recurring feature for their clients. This was previously possible only for local digital commerce players.
With the integration of UPI Autopay, the global technology company’s merchants that operate in industries like SaaS, streaming, and other subscription-based businesses can now offer recurring payments to their local Indian customers through an APM like UPI. This will enable them to reach a tech-savvy audience that seeks global digital services and simple digital payment solutions.
India’s consumer class is projected to add nearly 300 million people by 2030, surpassing China. This means that one in 30 customers will be from India, highlighting the need for companies to expand their payment options if they are seeking to expand internationally. UPI Autopay offers an alternative for global businesses to tap into this growing consumer base. EBANEX aims to enable ecommerce merchants to integrate both UPI one-time and recurring, and card payments for cross-border payments, tackling the complexities of operating in India’s digital landscape.
EBANEX already reports a growing interest from global players looking to offer services through this new recurring payment feature in India. UPI is a preferred payment method in the country, with a 54% share, according to Payments and Commerce Market Intelligence (PCMI) data in EBANX's study Beyond Borders. With the integration, merchants can leverage UPI’s position in the market and facilitate recurring transactions, expanding access to digital commerce to a wider audience.
Credit card usage is also experiencing significant growth in India, with spending increasing by 50% annually since 2021, according to the Reserve Bank of India. The mix of APMs can enable global companies to reach eight times more consumers, according to EBANX.
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