Growing Landscape Of Digital Payment Services In India Payment Services Market Outlook: Ken Research

However unsurprisingly, the India is a developing country with the second largest population behind China and until recently its payment framework has straggled far behind the rest of the developed world whereas, it is transferable fast with the effective payment tasks over the last recent years and will continue for so long with the more development over the decades. According to the report analysis, ‘India Payment Services Market Research Forecast To 2023 – By Online Payments, M-Pos, Imps, Aeps, Ussd-Bhm Transactions, Upi, M-Wallet, Pos Terminal, Payment Gateways, Cug Cards And Payment Security Segment’ states that the major segments in the payment industry in India include India M-Wallet Market, India PoS terminal market, India Payment Gateway Market, India Payment Services Market, India M-Pos terminal market. Whereas, India Payment Services market has been customary dominated by cash witnessed development concerning digital transactions both in terms of volume and value throughout the phase of demonetization in India. The RBI (Reserve Bank of India) and NPCI (National Payments Corporation of India) are the major regulatory authorities which are playing significant role in signaling the relevant guidelines for active working within India’s payment countryside.

In India, the usage of mobile phones or smart phones is growing more significantly which increase the demand and awareness about the digital payments and providing secured payment solutions which are fueling the growth for digital payments in the India even in more positive manner. Moreover, overflow in the growth of electronic payments in India, besides with the M-commerce and E-commerce transactions are additionally predicted to serve a surge to the various entities involving payment gateway service distributors and payment collectors that surfing the online payments in the region. Furthermore, with the growing penetration of mobile phones in India has helped users with person-to-person money transfer as India M-Wallet Market provide various wallets for promoting the electronic payments in India with the outstanding increase in the usage of internet and smartphones. Many of the major companies having semi-closed wallets which include Mobikwik, Paytm, Oxigen Wallet and others whereas, in this market some of the closed wallet type companies are also available which includes, HDFC PayZapp, SBI E-Buddy and telecom operators such as Jio Money, Airtel Money, Vodafone M-Pesa  and others. Additionally, in the recent trend the social gifting is on the threshold of becoming a most popular trend among the young users and urban population which could fueling the money transfer through mobile wallets most probably on the festive occasion in the coming years.

With the increase in the India Payment Services Market some of the major leading payment gateway companies are doing effective job which includes Payu Money, CC Avenues, EBS, Billdesk and others. Whereas, the India Payment Gate-Way Market was mainly operating by demanding strand from customers such as digital security and faster checkout. Moreover, by the end users application, the large undertakings were signified to dominate the Indian payment gateway market owing to a higher sharpness in the region’s online payment ecosystem in related to SMEs. Whereas, the India PoS (Point of Sale) terminal market introduced as a computerized substitute of cash register where consumers can build an online dealing with the aid of their credit and debit cards. Moreover, with the increase in the medium and large sized retailers or merchants were observed as early prospectors of tablet based mPoS (Mobile-Point of Sale) devices. Furthermore, the M-PoS terminal Market observed a huge gap in the need and supply of mPoS hardware at the time of demonetization phase which lead in an increased number of producers for several mPoS key players. Therefore, with the existence of numerous payment methods the India Payment services market will grow more significantly in the coming years over the decades with the further development in the applications of online payment method and mobile wallets which are very much helpful for doing secured online transaction.

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https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-payment-services-market-research-forecast-2023-/154993-93.html

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India Payment Services Market Outlook To 2023 :- Ken Research

How india payment services market is positioned?

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. The total number of ATMs (including onsite and offsite) was witnessed to increase from ~ as of 31st March 2013 to ~ as of 31st March 2018, thus displaying a five year CAGR of ~% during the review period. 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, 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. 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. Besides all these advancements, cash still dominates the entire payment landscape in India and is further expected to hold a majority share in future.

India Payment Services Market Segmentation

By Desktop and Mobile Payments

Desktop payments were witnessed to dominate India payment services market with a volume share of ~% in FY’2018. Increasing adoption of digital transactions post demonetization coupled with affordable desktops and laptops for business purpose has thrived the segments growth. On the other hand, mobile payments were observed to capture the remaining volume share of ~% in India payment services market in FY’2018.

By Type of Industry

Digital transactions towards financial services such as inter or intra transfer of funds, person-to-person funds, and merchant payments for small transaction value dominated India payments market with a volume share of ~% in FY’2018. The ease of conducting financial transactions through digital means is one of the major driving forces behind the segment’s growth. The segment followed with a collective volume share of ~% in India payment services market in FY’2018. Other services such as housing rent, education, purchases of luxuries such as jewelries, cars and rest captured the remaining volume share of ~% in FY’2018.

How m-wallet market of india is positioned?

A mobile wallet is digitally equivalent of physical wallet, where a consumer can store money, make payments or transfer money to other wallet accounts under the same company. M-wallet transactions in India were observed to grow at a massive five year CAGR of ~% over the review period FY’2013-FY’2018. 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.

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. Over the forecast period, mobile-wallet transactions are further expected to increase to ~ million by the fiscal year end-ing 2023E and on the other hand, India m-wallet transaction size is further anticipated to increase to INR ~ billion in terms of transaction value by the fiscal year ending 2023E; thus displaying a five year CAGR of ~% and ~% respectively.

What Is The Role Of Payment Gateweay Market In India

Payment gateways play a significant role in E-commerce transactions by authorizing the payment between a merchant and a consumer. Some of the leading payment gateway companies in India include PayPal, Billdesk and others. Demanding factors from Indian millennials such as faster check out and better convenience has been driving the growth of digital payments in India. As a result, it has increased the role of payment gateway providers in the digital payments landscape. Increasing cyber-crimes or threats have forced companies to build platforms with advance security features for early fraud detection and minimizing the collateral damage. The payment gateway market in India was evaluated at INR ~ million in terms of transaction value in the FY’2018.

Large enterprises were witnessed to dominate the Indian payment gateway market with a revenue share of ~% in terms of transaction volume in FY’2018. These enterprises have a higher penetration in the digital payment ecosystem in comparison with the small and medium scale enterprises, thus leaving them with a limited volume share of ~% in the FY’2018.

Due to high influence of open source payment gateway codes coupled with increasing banking platforms has forced the existing payment gateway companies in India to think upon differentiating their services and provide a value-add to their clients. In near future, the payment gateway market is expected to generate a transaction value of INR ~ million by the FY’2023E. Digital channels are the pathway through which a bank can interact with its customers, therefore developing digital channels as customer engagement will play a critical role.

How pos terminal market is positioned in india?

The growth of electronic payments in India is highly dependent upon the card acceptance infrastructure consisting of ATMs and PoS terminals. The Indian customers showcased a positive attitude towards using debit and credit cards, which is evident from a ~% and ~% growth respective at PoS terminals in terms of number of transactions. Several initiatives such as Micro ATMs, Aadhaar-enabled Payment Systems (AePS) and Prime Minister Jan Dhan Yojana (PMJDY) have been driving the demand for PoS terminals in Tier 2 and Tier 3 cities, especially the rural areas. State Bank of India (SBI) witnessed five times growth in the total number of PoS device installations at merchant outlets owing to rising number of digital and plastic card transactions in the country.

PoS terminals market in India had witnessed high growth during the demonetization period. The after effect of which was that there was an increase in deployment of PoS terminals across all sectors such as restaurants, retail, hospitals, warehouses, supermarket.

As India is making efforts towards pushing plastic cash over physical cash; the sale of PoS terminal devices is projected to increase on account of rising penetration of debit and credit cards. India PoS terminal market is anticipated to generate a transaction volume of ~ PoS terminals by the financial year ending 2023E.

How m-pos market is positioned in india?

Acceptance of mPoS in the initial stage was dependent up on the price offering as several merchants who wanted to offer their customers another choice of payment method did not want to invest in costly traditional PoS terminals and therefore preferred to acquire mPoS devices. In terms of number of device installations, India mPoS market was evaluated at ~ thousand in as of 31st March 2013. India’s techno savvy population and a favorable demographic dividend were the two major factors which induced positive growth of mPoS in tier 1 and tier 2 cities in India. A growing number of MSME’s and even some large merchants started to took a note of mPoS, with early adopters preferring a tablet-based mPoS implementation as a complement to traditional PoS or, in some cases, as a replacement for cash registers. India mPoS market increased to ~ thousand device installations as of 31st March 2018, thus growing at a five year CAGR of ~% over the review period FY’2013-FY’2018.

The total number of inactive terminals is observed to be higher in Tier-3 cities with micro merchants having the largest share in inactive terminals. On the other hand, active terminals are dominated by large enterprises and SMEs, who are present in Tier-1 and Tier-2 cities in India.

Future Outlook And Projections In India Payment Services Market

The rapid penetration of smartphones along with widespread of internet connectivity on mobiles devices has created a positive impact on the country’s payment services market. Digital payment services provided by non-banking institutions and the rise of the fintech sector, consumer expectations of one-touch payments, and progress in regulatory governance and tax breaks, will altogether shape up the India’s payments landscape in favor of digital solutions. India payment services market is expected to generate a transaction volume of ~ million and a transaction value of INR ~ trillion by the FY’2023E. Owing to a new generation of digital payment services, opening up new opportunities for a relatively high proportion of "unbanked" to make purchases online, the volume of transaction happening through in digital landscape would change drastically. The growth of e-commerce in India coupled with the country's immense potential provides lucrative opportunities for retailers and merchants who can support India's digital payment methods.

For more information on the research report, refer to below link:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-payment-services-market-research-forecast-2023-/154993-93.html

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Contact Us:
Ken Research

Ankur Gupta, Head Marketing and communications
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India Payment Services Market Research Report :- Ken Research

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)

Key Topics Covered in the Report

·         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:

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-payment-services-market-research-forecast-2023-/154993-93.html

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Contact Us:
Ken Research
Ankur Gupta, Head Marketing & Communications
sales@kenresearch.com

+91 9015378249