The report titled “India
Payment Services Market Research Forecast 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”, provides a
comprehensive analysis of payment services , m-wallet, payment gateway, mPOS,
POS Terminals and Payment Security market in India. The report covers the overall competitive
landscape; government role and regulations, growth drivers, trends and
developments. The report concludes with market projection for future for every
single market described above highlighting the major opportunities and cautions
for overall India payment services market.
India Payment Services Market
India payment services market which
has traditionally been dominated by cash witnessed advancement towards digital
transactions both in terms of value and volume during demonetization phase in
India. Regulatory authorities such as the Reserve Bank of India (RBI) and the
National Payments Corporation of India (NPCI) play a major role in establishing
guidelines for effective working within India’s payments landscape. In India,
cash still dominates the entire payment landscape in India and is expected to lead
the majority share in future.
In India, merchant payments were
observed to be the central aspect of all payment services for large enterprises
as well as MSMEs, which are increasingly becoming integrated with PoS and mPoS
terminal devices. In addition to this, emergence of consumer mobile wallets in
India has helped consumers with person-to-person funds transfer, therefore
facilitating small value transactions. Surge in growth of electronic payments
in India, along with rising E-commerce and M-commerce transactions are further
expected to give a boost to numerous entities including payment gateway service
providers and payment aggregators that facilitate online payments in the
country.
India M-Wallet Market
Compared to other payment modes in
India, M-wallet service providers have emerged as the most significant
contributor in promoting electronic payments in the country owing to the
increasing usage of internet and smartphone users in the country. In terms of
transaction volume, the semi-loop wallet type established itself as market
leader in India m-wallet market and was followed by closed loop wallets in
FY’2018. Some of the major companies having semi-closed wallets include Paytm,
Mobikwik, Oxigen wallet and others whereas, closed wallet type companies include
SBI E-Buddy, HDFC PayZapp and telecom operators such as Airtel Money, Jio
Money, Vodafone M-Pesa and others. Social gifting is on the verge of becoming a
popular trend among young tech-savvy customer base which could drive money
transfer through mobile wallets, especially on festive occasions in near
future.
India Payment Gateway Market
Some of the leading payment gateway
companies in India include CC Avenues, Payu Money, EBS, Billdesk and others.
India payment gate-way market was majorly driven by demanding factors from
consumers such as faster checkout and digital security. Increasing cybercrimes
or threats have become a major key factor for payment gateway service
providers, as it has affected the company’s profitability and revenues. By end
users, large enterprises were observed to dominate the Indian payment gateway
market owing to a higher penetration in the country’s online payment ecosystem
in comparison with SMEs. It has been forecasted that the merchant’s dashboard
would become key focus for market leaders such as failure rate analytics and
chargeback dashboards in near future.
India PoS (Point of Sale) Terminal Market
PoS terminals were launched as a
computerized replacement of cash register where customers can make an online
transaction with the help of their debit or credit cards. India PoS terminal
market was heavily dependent up on the card acceptance infrastructure
consisting of ATMs and PoS terminal devices. In terms of number of device
installations, metro cities were witnessed to dominate India PoS terminal
market majorly due to higher usage and penetration of debit and credit cards in
these cities whereas, non-metro cities were observed to catch up by spreading
awareness regarding PoS devices enabled with Aadhaar enabled Payment System (AePS)
in rural India. Large retail formats, such as Big Bazaar, Shoppers Stop and
other malls were observed to install traditional PoS systems that work on GPRS
technology. Introduction of QR code bases system and NFC payment technology is
further expected to give a boost to the country’s PoS terminal market over long
term.
India M-PoS (Mobile-Point of Sale) Terminal Market
An increasing number of medium sized
and large sized merchants were witnessed as early adopters of tablet based mPoS
devices. As large number of merchants has already been a part of a wide user
base, banks became a suitable partner to reach out to target customers. The
market observed a major gap in the demand and supply of mPoS hardware during
demonetization phase which resulted in increased number of manufacturers for
several mPoS companies. Integrating with sensors, video monitors and cameras
which would provide smart advertising to customers based on environment and
purchasing trends.
Key Segments Covered
·
India
Payment Services Market
Ø By Desktop
Payments and Mobile Payments
Ø By Type of
Industry (Financial Services, Retail, Online Travel and Others)
·
India
M-Wallet Market
Ø By
Transaction Type (Semi-Closed Loop and Open loop)
Ø By End-User
(Consumer and Enterprise)
·
India
Payment Gateway Market
Ø By End-User
(Large Enterprises and SMEs)
Ø By Type of
Payment Modes (Net Banking, Debit Cards, Credit Cards and Others)
Ø By Type of
Transactions (E-Commerce, Financial Services, Utility Bills and Other Online
Services)
·
India PoS
Terminal Market
Ø By Number of
Terminals (Active Terminals and Inactive Terminals)
Ø By Metro
Cities and Non-Metro Cities
Ø By End User
Industry (Large Enterprises, SMEs and Micro Merchants)
·
India M-PoS Market
Ø By Number of
Terminals (Inactive Terminals and Active Terminals)
Ø By Type of
Distribution Channel (Retail Channel and Direct Sales)
Key Target Audience
·
Banks and Financial Institutions
·
Cash Reconciliation Companies
·
Payment Aggregators
·
Payment Network Companies
·
Payment Interface Companies
·
M-Wallet Companies
·
Payment Gateway Companies
·
PoS Terminal Companies
·
M-PoS Terminal Companies
Time Period Captured in the Report:
·
Historical
Period - FY’2013-FY’2018
·
Forecast
Period - FY’2018-FY’2023E
Companies Covered:
·
M-Wallet
Companies
Ø Paytm
Ø Mobikwik
Ø Freecharge
Ø Oxigen
Ø Telecom
Operators (Jio Money, Airtel Money, Idea Money, SBI Buddy and ICICI Pockets)
Ø Others (ITZ
Cash, Citrus Pay, PhonePay and other bank wallets)
·
Payment
Gateway Companies
Ø Billdesk
Ø Ingenico
Ø PayU
Ø Others (CC
Avenue, ATOM, Razor Pay, PayPal, Instamojo, VPL and MPL)
·
PoS Terminal
Companies
Ø Ingenico
ePayments
Ø Verifone
India
Ø AGS Transact
Ø PineLabs
Ø PAX
Technologies
Ø Ezetap
Ø Itzcash
·
M-PoS Companies
Ø Ezetap
Ø M-Swipe
Ø Paynear
Ø Mosambee
Ø AGS Transact
Ø Others
(Bijlipay and Visiontek)
·
Executive Summary
·
Research Methodology
·
India Payment Services Market
·
Regulatory Framework in India Payment
Services Market
·
Credit and Debit Card Coverage,
FY’2013-FY’2018
·
Cross Comparison of Different Payment
Modes (IMPS, AePS, USSD-BHIM and UPI) in India Payment Services Market
·
Immediate Payment Service (IMPS) Consumer
Payment Landscape
·
Aadhaar Enabled Payment System (AePS)
Consumer Payment Landscape
·
Unstructured Supplementary Service Data –
Bharat Interface for Money (USSD-BHIM) Consumer Payment Landscape
·
Unified Payments Interface (UPI) Consumer
Payment Landscape
·
India M-Wallet Market
·
India Payment Gateway Market
·
India Point of Sale (PoS) Terminal Market
·
India m-PoS Market
·
CUG Cards / Prepaid Closed Loop Cards
·
Cloud / Security Outsourcing in Payments
Technology
For more information on the research report, refer to below link:
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