Market Trends of India Online Accommodation Industry
Rising Growth of Digital Payments Is Boosting the Growth of the Market
- India has been adopting cashless transactions over the past few years. The evolution of the Indian government's policies and the development of digital payments are largely to blame. In recent years, due to the maturity of UPI and consumers' swift uptake of mobile payments, India has experienced significant growth in its electronic payments. Year-on-year (YoY) transaction volume growth in India has increased by around 55% between the previous and last year, and it is expected that digital payments in India will grow by four times in the next three years.
- Airlines and travel brands in the region offer payment solutions to meet changing consumer needs, as electronic payments take up market share in India. For example, consumers are offered a range of alternative payment methods, and airlines provide Indian customers with a smooth and easy booking experience.
- For example, EaseMyTrip is one of the top online travel technology portals that use PayPal as a payment method. In order to help their customers plan and book their trips, they offer a wide range of travel products and services. By the end of the decade, Indians could be the world’s fourth-largest travel spenders, according to the report by Booking.com and McKinsey.
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Rising Tourism Industry Is Promoting the Online Accommodation Market
- In the past few years, a boom in tourism and the improvement of infrastructure have caused India's travel services market to grow significantly. Some of the most popular travel services in the country are hotels, travel, tour packages, and travel agencies. In order to promote tourism, the Indian Government has undertaken measures such as reducing visa restrictions and establishing policies in favor of tourism.
- In recent years, there has been an increase in both domestic and foreign tourism in India. India has a wide range of hotels for all types of travelers, including backpackers, wellness tourists, and business travelers, from Himalayan guest houses to Rajasthani palace hotels and innovative niche hotels to megacities, beach resorts in Goa, and houseboats in Kerala. India's economy has been heavily influenced by the tourism sector.
- This growth has been driven by the hotel sector, together with tour operators and restaurant segments in tourist regions. In addition, since COVID-19, India has promoted tourism in its country with a view to increasing the number of visitors from all over the world.
