In India, 60.0%
of total online payments were made from top metropolitan cities such as Delhi,
Mumbai, Kolkata and Chennai in FY’2014. Additionally, cities such as Bangalore,
Hyderabad, Ahmedabad and Pune accounted for 25.0% of total online payments made
in FY’2014.
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| Bill Payment Market |
The M-Wallet market in India is segmented by open loop, closed loop and semi-closed mobile
wallets. Mobile wallets in the country presently can be issued by banks or
non-bank entities which have been certified by the RBI. Wallets issued by the banks
provide higher benefits such as a higher fund transfer limit and cash
withdrawals through ATM. Semi-closed loop is a prepaid wallet offered primarily
by the non-bank entities as licensed prepaid instrument issuers. The cash-out
or cash withdrawal facility is not allowed in this model.
M-POS system in
India has been a relatively new concept originated few years back. The M-POS
technology which allows customer transaction to be carried out by a portable
mobile device has made a significant impact on the Indian market in a short
duration. The impact of M-POS in India has majorly resulted due to the
flexibility and high functionality that the system offers.
The bill payment market structure in India is complex and diverse and comprises of a large
number of national, regional, private and state owned entities. In the bills
paid through the electronic payments infrastructure, bank account funding has
the largest share followed by cards and the ECS (Electronic Clearing Service).
A large proportion of the bill payments in the country are done at the biller’s
location by walk-in customers. As a result, there lies a huge opportunity for
an efficient bill payment system which can meet the demand for payments towards
various bills such as insurance premium, utility payments, taxes, school fees
and others.
A payment
gateway tool authenticates online transactions by providing verification steps
between various parties and related banks. It is basically an encrypted channel
through which transaction must pass from in order to verify the credentials of
the user. India has become a rising hub of technology with more and more number
of industries moving to internet based processes. Businesses such as ecommerce,
fund transfers, loan management and others have been establishing an online
presence to reach a wider range of customers. This trend has been aggregated by
the rapid advancement in technology in the country increasing business
opportunities for entrepreneurs.
For more
information on the market research report please refer to the below mentioned
link:
Contact:
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249
