Showing posts with label India PoS Terminal Industry Size. Show all posts
Showing posts with label India PoS Terminal Industry Size. Show all posts

Thursday, August 30, 2018

India Third Party Payment Market is Transforming with the Rising Penetration of Digital Methods and Expecting Consolidation to Emerge Clear Leaders in the Segment: Ken Research


The report titled India Payment Services Market Outlook to 2023 – By Online Payments, M-PoS, IMPS, AePS, USSD-BHIM Transactions, UPI, M-Wallet, PoS Terminal, Payment Gateways, CUG Cards and Payment Security Segmentby Ken Research suggested a growth at a noteworthy CAGR of 17.6% in terms of transaction value and 24.2% in terms of transaction volume in India payment services market in the upcoming years till the year ending 2023E.
Digital wallets launched by banks include Pockets (ICICI Bank), Lime (Axis Bank), E-Buddy (SBI Bank), PayZapp (HDFC bank) and others.
Banks in India have started to shift from customer experience to customer engagement since digital channels have become a better way to reach out to customers. The ability to personalize communications, proactively respond to events and queries, and preventing fraudulent activities are some of the key factors in order to improve customer loyalty and retention. As a response to this trend, banks and other financial institutions have launched digital wallets - mobile based applications, thus bringing competition through their new digital payment offerings to the already established M-wallet service providers including Paytm, Mobikwik, Oxigen wallet, Freecharge and others.
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. The government’s demonetization move in November 2016 acted out as a major game changer for m-wallet companies as it led to an enormous cash-crunch in the country. Majority of the ATM’s in India were frozen out of cash, thus forcing customers to switch to digital M-wallets for small value day-to-day transactions. Originally introduced as an E-commerce payment tool, M-wallets became popular after demonetization in India, as consumers started to extensively use it for daily transactions at supermarkets, grocery stores, street vendors, fuel stations and for cab rides. Launch of payment banks and mainstream application of UPI also transformed the way individuals pay their bills.
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
India Payment Gateway Market
By End-User
Large Enterprises
SMEs
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 and ICICI Pockets and ITZ Cash, Citrus Pay, PhonePay and other bank wallets
Payment Gateway Companies
Billdesk, Ingenico, PayU and Others (CC Avenue, ATOM, RazorPay, PayPal, Instamojo, VPL and MPL);
PoS Terminal Companies
Ingenico ePayments, Verifone India, AGS Transact, PineLabs, PAX Technologies, Ezetap and Itzcash;
mPoS Companies
Ezetap, M-Swipe, Paynear, Mosambee, AGS Transact and Others (Bijlipay and Visiontek).
For more information on the research report, refer to below link:
Related Reports
Contact Us:
Ken Research
Ankur Gupta, Head Marketing and communications
sales@kenresearch.com
+91 9015378249