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

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 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:

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

Related Reports

https://www.kenresearch.com/banking-financial-services-and-insurance/banking/india-atm-management-services-market/153175-93.html

https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-domestic-remittance-market-research-report/474-93.html

Contact Us:
Ken Research

Ankur Gupta, Head Marketing and communications
sales@kenresearch.com

+91 9015378249

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