India Digital Payment Systems Market: Industry is anticipated to reach US$ 700 Billion by 2022
Nov 22, 2017
Orbisresearch.com a leading business intelligence provider, released its latest research report on “Digital Payment Systems Market in India-Drivers, Opportunities, Trends, and Forecasts to 2022”.
Dallas, USA - November 22, 2017 /MarketersMedia/ —
India Digital Payment Systems Market Overview
Indian payments industry is largely dominated by cash-based transactions. The banking industry in the country was majorly branch-based till 2014. Later, there was a considerable growth in the branch-less channels of banking, which has further explored into digital payments in both rural and urban regions.
Indian digital payments industry is expected to reach $700 billion by 2022 in terms of value of transactions.
India Digital Payment Systems Market:
It is expected that more than 80% of the urban population in India will adopt digital payments as a part of their routine by 2022, and 70% of the retail chains will adopt the same. The reduced transaction charges and the degree of ease of cash transfers associated with the electronic fund transfers and mobile banking will further drive the growth of digital payment systems in India. Also, the Indian Government is bringing positive policy framework such as Goods and Services Tax (GST), financial inclusion, improving digital infrastructure, launching payment systems such as aadhar enabled payments, UPI, and others which are supporting the digital payments industry. In 2016, Indian Government made a significant move, i.e. demonetization, to curb black money circulation within the country and to increase digital payment penetration. It is a phenomenal step made by India towards improving cashless economy, resulting in sharp increase of several digital payment channels in the country.
India Digital Payment Systems Market Analysis
According to Infoholic Research, the “Digital Payment Systems Market in India” market will witness a CAGR of 58.90% during the forecast period FY2017–FY2023. The market is segmented by digital payment system types and regions. The digital payment system types include mobile wallets, internet banking, mobile banking, PoS, and others. The regions covered in the report are urban and rural regions; currently, urban region segment holds the major market share followed by rural segment.
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India Digital Payment Systems Market: Mobile Wallets Analysis
Mobile Wallets; India’s mobile wallet ecosystem is yet to be competitive, however major e-commerce and telecom companies are fuelling this industry through business expansion. Also, a strong regulatory support is yet to come into force for the exponential growth of digital payments ecosystem in India.
The changing customer behavior, increasing internet penetration rate, and government policies are fueling the industry which is indirectly supported by the growing demand for P2P payments, e-commerce platforms, utility bill payments, and others. The development of digital infrastructure in India stands out by providing a strong technological ecosystem for the digital payments industry.
India Digital Payment Systems Market Key players
Some of the leading companies covered in the ‘Digital Payment Systems Market in India’ report are Paytm, MobiKwik, PayUmoney, Airtel Money, Vodafone Mpesa, Idea Money, Stank Bank Buddy, HDFC Bank PayZapp, ICICI Bank Pockets, Axis Bank LIME, Freecharge, PhonePe, Samsung Pay, and others
The report gives insights about various modes of electronic fund transfer – Mobile Banking, Digital Payment Methods, Mobile Wallets, Payment Banks, and others.
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India Digital Payment Systems Market: Benefits
The study offers a comprehensive analysis of the “Digital Payment Systems market in India”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.
India Digital Payment Systems Market Table of Content:
1 India Digital Payment Systems Market - Industry Outlook 10
2 India Digital Payment Systems Market Report Outline 12
3 India Digital Payment Systems Market Outlook 15
4 India Digital Payment Systems Market Characteristics 18
5 India Digital Payment Systems Market Payment Banks in India 24
6 Types of Payment Channel: Outlook 25
7 Digital Payment System Types: India Digital Payment Systems Market Size & Analysis 28
8 Mobile Wallets: India Digital Payment Systems Market Size & Analysis 33
9 Regions: India Digital Payment Systems Market Size & Analysis 57
10 India Digital Payment Systems Market Competitive Landscape 60
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Source: MarketersMedia
Release ID: 268001
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