1. The Digital Payment Industry is flourishing with the increased demand for cashless transactions due to Covid-19.
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The India Payment Service Market is expected to grow owing to multiple factors such as the launch of new and innovative payment products and increase demand for cashless transaction due to Covid19. The pandemic has also accelerated the shift from “physical” to “virtual” banking. The Indian landscape for the payment services market has seen a period of upheaval during recent times, with newer trends being fuelled by the Covid-19 pandemic and a drastic shift in the consumer behaviour on the national and international scale.
2. Innovative payment products by the payment companies, the rising need for faster payment modes, and Government regulators are major factors in the growth in digital payments.
During the COVID-19 pandemic, cash transactions decreased at this time. However, the nation was already moving toward a cashless culture before the outbreak, and the pandemic only accelerated the trend. Due to rapid advancement in the shift to digital medium of transaction, the industry is expected to grow at an exorbitant pace. Technological advancement in the form of AI, IoT, catboats and augmented reality are changing the digital shopping experience for consumers. With greater emphasis on in-store digital payments leading to a hybrid retailing structure, consumers are trying to utilize these platforms to make their shopping experience convenient and less time consuming. Mobile-wallets were also witnessed to change the country’s digital payments landscape which in turn has increased the proportion of m-wallet bill payments.
3. UPI transactions grew at a robust CAGR by volume and value in the past five years, from FY17 to FY22.
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Market cap on UPI Transactions by third party players, Increase in merchant transaction limit and removal of PSP fees are the major government initiatives aims to promote payments digitally. UPI offered one of the safest payment modes for person-to-person (P2P) and P2M transfers and outstripped all other payment platforms during the pandemic. In 2022, NPCI launched UPI123Pay, allowing feature phone users to use the UPI platform via Interactive Voice Response (IVR). UPI123Pay’s launch points toward the further adoption of digital transactions in the countryside, where most citizens still do not own smartphones.
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India Payment Service Industry
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