• Key Takeaway from Ken Research Report titled, India Payment Services Market Research Forecast to 2023
- One of the key requirements for long-term growth and faster adoption of Fintech solutions at last-mile touch points in the country is the customers trust over digital payment modes.
- Cash is still projected to hold a significant share in India payment services market in future owing to ease of use and less change in consumer behavior.
- 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.
- India Payment Services Market is Expected to Reach Over INR 6,400 Trillion by Transaction Value by the Year Ending 2023: Ken Research
GURUGRAM, India, September 8, 2018 : Government initiatives towards achieving financial inclusion in India have brought the country’s citizens under the digital payments landscape. As a result of which, people have started opting for financial services, retail shopping, travel and others via online payment methods and will continue to do the same over long term. In accordance with the Internet and Mobile Association of India (IAMAI), the total number of internet users in India is estimated to reach around 450-465 million over long term. Increasing use of smartphones and other mobile devices will lead to more frequent contact between consumers and merchants, thereby giving driving the demand for mobile payments in near future.
Entrance of E-commerce giants for instance, Flipkart, Amazon, Snapdeal, E-bay and others have given a boost to online shopping in India, thereby providing people with ease in buying products, variety of options and convenient payment methods including m-wallets to make an online purchase. 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. Besides all these advancements, cash mode is still expected to dominate the entire payment landscape in India.
Analysts at Ken Research in their latest publication “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 “ believe that rising digital cash backs, expanding the scope of M-wallet applications towards inline and invisible payments, faster check-out process, consumer shift towards cloud based servers and increasing penetration of debit cards and credit cards will create a positive in India payment services market. The market is expected to register a positive CAGR of 17.6% in terms of transaction value and 24.2% in terms of transaction volume during the forecast period FY’2018-FY’2023E. The market is further expected to be driven by the growing E-commerce industry, availability of 3G/4G network, increasing mobile phone penetration and government push towards financial inclusion.
For more information on the research report, refer to below link :