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 Segment” by 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:
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Ken Research
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