The Indian payments industry is widely dominated by the cash-based transactions. The government and private segment both are running on the digital payment wave. Whereas, in the digital payments, payee and payers both need to use digital modes to receive or send money. No hard cash is included in the digital payments. Hence, the digital payment is a method of payment which is done with the help of digital modes. In addition, the banking industry in the country was prominent branch based till 2014. Afterwards, there was a substantial growth in the branch-less channels of banking, which has further discovered into digital payments in both urban and rural regions. Additionally, the key players of this market are dominating the highest market share across the globe by adopting the effective strategies and policies for making significant developments in the platforms of digital payments which further lead the market growth more effectively around the globe.
According to the report analysis, ‘Digital Payment Systems Market In India – Drivers, Opportunities, Trends, And Forecasts To 2022’ it states that there are several key players which are presently functioning in this market more efficiently for accounting the handsome amount of share around the globe by doing advanced developments in the mode of digital payments includes Paytm, MobiKwik, PayUmoney, Airtel Money, Vodafone Mpesa, Idea Money, Stank Bank Buddy, HDFC Bank PayZapp, ICICI Bank Pockets, Axis Bank LIME, Freecharge, PhonePe, Samsung Pay, and several others. Moreover, the funds could be transfer with the help of various modes of electronic such as Mobile Banking, Digital Payment Methods, Mobile Wallets, Payment Banks, and several others. Moreover, the key players of this market are establishing the effective research and development programs for making effective applications which further increase the demand across the globe and market take up a significant growth more efficiently during the forecasted period.
Although, Indian digital payments industry is predictable to reach USD 700 billion by 2022 in terms of value of transactions.The decreased transaction charges and the degree of ease of cash transfers accompanied with the electronic fund transfers and mobile banking will further lead the growth of digital payment systems in India. Also, the Indian Government is conveying positive policy framework such as Goods and Services Tax (GST), financial inclusion, enlightening digital infrastructure, introduction payment systems such as aadhar enabled payments, UPI, and others which are supportive the digital payments industry.
Additionally, the Digital Payment Systems Market in India market will observe an effective CAGR of 58.90% during the forecast period of FY2017-FY2023. The market is divided by digital payment system types and regions. The transforming customer behavior, significant increase in internet penetration rate, and government policies are fueling the industry which is indirectly supported by the growing demand for P2P payments, e-commerce platforms, utility bill payments, and others. Therefore, in the near future, it is expected that the market of digital payment systems in India will increase more positively over the recent few years with the huge amount of investment by the international and domestic market players in the developments.
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Global Digital Payment Solutions Market Size Study, By Type (Payment Gateway Solution, Payment Wallet Solutions, Payment Processing Solutions, Payment Security & Fraud Management Solutions, Pos Solutions, Other), By Application (Mnos, Financial Institutions, Payment Network, Intermediaries, Merchants, Customers) And Regional Forecasts 2018-2025
Ankur Gupta, Head Marketing & Communications