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American financial service company Payoneer has said that global e-commerce revenue grew by over 80% in the second and third quarter of the current calendar, as the Covid-19 pandemic has led to a boost in the online shopping world. More specifically, Payoneer remarks, the impact on cross-border e-commerce has been “unmistakable”.  

“What was previously a gentle slope of growth has now taken a sharp and steep incline,” read a report by Payoneer, which provides a digital platform for global commerce for millions of small businesses, marketplaces, and enterprises across 200 countries and territories.

“The year 2020 has seen a decade of growth within just a few months and it was observed that India has been amongst the top 10 countries in cross-border e-commerce growth,” the report highlighted. As per the rankings, China tops the charts followed by the U.S., Hong Kong, South Korea, United Kingdom, Ukraine, and Vietnam. India ranked at nine, behind Israel and ahead of Japan.