The Indian payments industry is widely dominated by
the cash-based transactions. The government and private segment both are
running on the digital payment wave. Whereas, in the digital payments, payee
and payers both need to use digital modes to receive or send money. No hard
cash is included in the digital payments. Hence, the digital payment is a
method of payment which is done with the help of digital modes. In addition,
the banking industry in the country was prominent branch based till 2014.
Afterwards, there was a substantial growth in the branch-less channels of
banking, which has further discovered into digital payments in both urban and
rural regions. Additionally, the key players of this market are dominating the
highest market share across the globe by adopting the effective strategies and
policies for making significant developments in the platforms of digital
payments which further lead the market growth more effectively around the
globe.
According to the report analysis, ‘Digital
Payment Systems Market In India - Drivers, Opportunities, Trends, And Forecasts
To 2022’ it states that there are several key players
which are presently functioning in this market more efficiently for accounting
the handsome amount of share around the globe by doing advanced developments in
the mode of digital payments includes 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 several others.
Moreover, the funds could be transfer with the help of various modes of
electronic such as Mobile Banking, Digital Payment Methods, Mobile Wallets,
Payment Banks, and several others. Moreover, the key players of this market are
establishing the effective research and development programs for making effective
applications which further increase the demand across the globe and market take
up a significant growth more efficiently during the forecasted period.
Although, Indian
digital payments industry is predictable to reach USD 700 billion by 2022 in
terms of value of transactions.The decreased transaction charges and the degree
of ease of cash transfers accompanied with the electronic fund transfers and
mobile banking will further lead the growth of digital payment systems in
India. Also, the Indian Government is conveying positive policy framework such
as Goods and Services Tax (GST), financial inclusion, enlightening digital
infrastructure, introduction payment systems such as aadhar enabled payments,
UPI, and others which are supportive the digital payments industry.
Additionally,
the Digital Payment Systems Market in India market will observe an effective
CAGR of 58.90% during the forecast period of FY2017-FY2023. The market is
divided by digital payment system types and regions. The transforming customer
behavior, significant increase in 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. Therefore, in the near future, it is expected that the market of
digital payment systems in India will increase more positively over the recent
few years with the huge amount of investment by the international and domestic
market players in the developments.
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Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Sales@kenresearch.com
+91-9015378249
