However
unsurprisingly, the India is a developing country with the second largest
population behind China and until recently its payment framework has straggled
far behind the rest of the developed world whereas, it is transferable fast
with the effective payment tasks over the last recent years and will continue
for so long with the more development over the decades. According to the report
analysis, ‘India Payment Services Market Research
Forecast To 2023 – By Online Payments, M-Pos, Imps, Aeps, Ussd-Bhm
Transactions, Upi, M-Wallet, Pos Terminal, Payment Gateways, Cug Cards And
Payment Security Segment’ states that the major segments in the payment
industry in India include India M-Wallet Market, India PoS terminal market,
India Payment Gateway Market, India Payment Services Market, India M-Pos
terminal market. Whereas, India Payment Services market has been customary
dominated by cash witnessed development concerning digital transactions both in
terms of volume and value throughout the phase of demonetization in India. The
RBI (Reserve Bank of India) and NPCI (National Payments Corporation of India)
are the major regulatory authorities which are playing significant role in
signaling the relevant guidelines for active working within India’s payment
countryside.
In India, the usage of
mobile phones or smart phones is growing more significantly which increase the
demand and awareness about the digital payments and providing secured payment
solutions which are fueling the growth for digital payments in the India even
in more positive manner. Moreover, overflow in the growth of electronic
payments in India, besides with the M-commerce and E-commerce transactions are
additionally predicted to serve a surge to the various entities involving payment
gateway service distributors and payment collectors that surfing the online
payments in the region. Furthermore, with the growing penetration of mobile
phones in India has helped users with person-to-person money transfer as India
M-Wallet Market provide various wallets for promoting the electronic payments
in India with the outstanding increase in the usage of internet and
smartphones. Many of the major companies having semi-closed wallets which
include Mobikwik, Paytm, Oxigen Wallet and others whereas, in this market some
of the closed wallet type companies are also available which includes, HDFC
PayZapp, SBI E-Buddy and telecom operators such as Jio Money, Airtel Money,
Vodafone M-Pesa and others.
Additionally, in the recent trend the social gifting is on the threshold of
becoming a most popular trend among the young users and urban population which
could fueling the money transfer through mobile wallets most probably on the
festive occasion in the coming years.
With the increase in
the India Payment Services Market some of the major leading payment gateway
companies are doing effective job which includes Payu Money, CC Avenues, EBS,
Billdesk and others. Whereas, the India Payment Gate-Way Market was mainly operating
by demanding strand from customers such as digital security and faster
checkout. Moreover, by the end users application, the large undertakings were
signified to dominate the Indian payment gateway market owing to a higher
sharpness in the region’s online payment ecosystem in related to SMEs. Whereas,
the India PoS (Point of Sale) terminal market introduced as a computerized
substitute of cash register where consumers can build an online dealing with
the aid of their credit and debit cards. Moreover, with the increase in the
medium and large sized retailers or merchants were observed as early
prospectors of tablet based mPoS (Mobile-Point of Sale) devices. Furthermore,
the M-PoS terminal Market observed a huge gap in the need and supply of mPoS
hardware at the time of demonetization phase which lead in an increased number
of producers for several mPoS key players. Therefore, with the existence of
numerous payment methods the India Payment services market will grow more
significantly in the coming years over the decades with the further development
in the applications of online payment method and mobile wallets which are very
much helpful for doing secured online transaction.
For
more information on the research report, refer to below link:
Related Reports
Contact Us:
Ken Research
Ken Research
Ankur Gupta, Head Marketing and
communications
sales@kenresearch.com
sales@kenresearch.com
+91 9015378249
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