India Payment Services Market is Expected to Reach Over INR 6,400 Trillion by Transaction Value by the Year Ending 2023: Ken Research
05 Sep, 2018, 15:00 BST
GURUGRAM, India, September 5, 2018 /PRNewswire/ --
Key Takeaway from Ken Research Report titled, India Payment Services Market Research Forecast to 2023
- One of the key requirements for long-term growth and faster adoption of Fintech solutions at last-mile touch points in the country is the customers trust over digital payment modes.
- Cash is still projected to hold a significant share in India payment services market in future owing to ease of use and less change in consumer behavior.
- The growth of E-commerce in India coupled with the country's immense potential provides lucrative opportunities for retailers and merchants who can support India's digital payment methods.
Government initiatives towards achieving financial inclusion in India have brought the country's citizens under the digital payments landscape. As a result of which, people have started opting for financial services, retail shopping, travel and others via online payment methods and will continue to do the same over long term. In accordance with the Internet and Mobile Association of India (IAMAI), the total number of internet users in India is estimated to reach around 450-465 million over long term. Increasing use of smartphones and other mobile devices will lead to more frequent contact between consumers and merchants, thereby giving driving the demand for mobile payments in near future.
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Entrance of E-commerce giants for instance, Flipkart, Amazon, Snapdeal, E-bay and others have given a boost to online shopping in India, thereby providing people with ease in buying products, variety of options and convenient payment methods including m-wallets to make an online purchase. M-wallet services in India are gradually replacing physical cash transactions into digital cash transactions, as consumers are increasingly turning away from cash and card. Besides all these advancements, cash mode is still expected to dominate the entire payment landscape in India.
Analysts at Ken Research in their latest publication "India Payment Services Market Research Forecast to 2023 - By Online Payments, M-PoS, IMPS, AePS, USSD-BHIM Transactions, UPI, M-Wallet, PoS Terminal, Payment Gateways, CUG Cards and Payment Security Segment " believe that rising digital cash backs, expanding the scope of M-wallet applications towards inline and invisible payments, faster check-out process, consumer shift towards cloud based servers and increasing penetration of debit cards and credit cards will create a positive in India payment services market. The market is expected to register a positive CAGR of 17.6% in terms of transaction value and 24.2% in terms of transaction volume during the forecast period FY'2018-FY'2023E. The market is further expected to be driven by the growing E-commerce industry, availability of 3G/4G network, increasing mobile phone penetration and government push towards financial inclusion.
Keywords
- Payment Services Market in India
- India Payment Services Industry
- Digital Infrastructure in India
- India Digital Payments Landscape
- Rising Digital Payments in India
- Third Party Payment Market India
- Digital Transactions in India
- Cash Payment Transactions India
- M-Wallet Market in India
- India M-Wallet Industry Size
- M-Wallet Companies in India
- M-Wallet Service Providers in India
- M-Wallet Transaction Volume India
- Bill Payment M-Wallet India
- M-Wallet Future Outlook India
- Payment Gateway Market in India
- Role of Payment Aggregators in India
- India Payment Gateway Competition
- Payment Gateways Business Model India
- Payment Gateway Service Provides India
- Growth of Payment Gateway India
- India PoS Terminal Market
- mPOS Market India
- Major Players PoS Terminal India
- India PoS Terminal Device Installations
- Active PoS Terminals India
- Major PoS Terminal End Users in India
- India PoS Terminal Industry Size
- PoS Terminal Growth Drivers India
- India PoS Terminal Future
- Trends India PoS Terminal
- Regulatory Framework India Payment Services
- Demonetization in India
- Government Regulations Payment Services
- India mPoS Industry
- MPoS Market Size India
- MPoS Device Installations in India
- India MPoS Companies
- Future of MPoS terminals in India
- Payment Services in India
- Future Growth India Payment Services
Products Covered:
- Payment Services Market
- by Desktop Payments and Mobile Payments
- By Type of Industry
- Financial Services
- Retail
- Online Travel and others
- India M-wallet Market
- By transaction type
- Semi-Closed Loop
- Open Loop
- By End-User
- Consumer
- Enterprise
- By transaction type
- India Payment Gateway Market
- By End-User
- Large Enterprises
- SMEs
- By End-User
- By Type of Payment Modes
- Net Banking
- Debit Cards
- Credit Cards and Others
- By Type of Transactions
- E-commerce
- Financial Services
- Utility Bills and Other Online Services
- India PoS Terminal Market
- By Number of Terminals
- Active Terminals and Inactive Terminals,
- By Metro and Non-Metro Cities,
- By End-User Industry
- Large Enterprises
- SMEs
- Micro Merchants
- India mPoS Market
- By Number of Terminals
- Inactive Terminals and Active Terminals
- By Type of Distribution Channel
- Retail Channel
- Direct Sales
Companies Covered
- M-Wallet Companies
- Paytm
- Mobikwik
- Freecharge
- Oxigen
- Telecom Operators
- Jio Money
- Airtel Money
- Idea Money
- SBI Buddy
- ICICI Pockets
- ITZ Cash
- Citrus Pay
- PhonePay
- Payment Gateway Companies
- Billdesk
- Ingenico
- PayU
- Others (CC Avenue, ATOM, RazorPay, PayPal, Instamojo, VPL and MPL)
- PoS Terminal Companies
- Ingenico ePayments
- Verifone India
- AGS Transact
- PineLabs
- PAX Technologies
- Ezetap
- Itzcash
- mPoS Companies
- Ezetap
- M-Swipe
- Paynear
- Mosambee
- AGS Transact
- Others (Bijlipay and Visiontek).
For more information on the research report, refer to below link:
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The report provides a comprehensive analysis of the various aspects such as market size, segmentation, trends and developments, government regulations, and future projections of the domestic remittances, remittance through business correspondents, M-wallets and bill payments as key segments of the market. The report provides the market share of the major players in business correspondent and bill payment market and competitive landscape of the key players in all three major segments.
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ankur@kenresearch.com
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