The Digital Payment Systems market in India to reach $47 billion by FY2023
Rapid expansion of digital technologies, competitive advantage, changing customer behavior, reduced transaction charges, and government initiatives are expected to drive the market growth. The digital payment types such as mobile banking, internet banking, point of sale terminals, mobile wallets, and electronic clearing services are expected to boost its implementation in the industry.
Infoholic Research LLP, a global market research, and consulting company, has published a study titled “Digital Payment Systems in India: Drivers, Opportunities, Trends, and Forecasts to FY2023” (May 2017).
According to Infoholic Research, digital payments industry in India is at its initial growth period with a tough competitive index among the payment technology providers. The technology providers have widened the boundaries of digital payments ecosystem of India and have created a higher degree of competitiveness in the industry. The market is expected to grow at a CAGR of 58.90% during the forecast period FY2017–FY2023.
The market is segmented by digital payment system types such as mobile banking, internet banking, point of sale terminals (POS), mobile wallets & electronic clearing systems and by regions. POS, Internet and mobile banking transactions are at a growing stage owing to the changing customer behavior, improving internet infrastructure, and reducing unbanked population. Currently, mobile wallet services are representing lower revenue share in the market and is expected to grow at a higher CAGR by FY2023.
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Indian mobile wallet market has witnessed several entries since 2015. The entry of banks into the mobile wallet business is giving a tough competition to the existing wallet providers. The wallet providers have widened their services and started capturing the market space of payment gateways. Post demonetization, the competition among the wallet providers has increased to a higher degree, which resulted in spending ample amount on customer acquisition. At the same time, this market is getting attraction from the global leading wallet providers.
Indian digital payment industry is segmented into rural and urban markets owing to the widespread digital payment services. The reducing unbanked population, government policies, increasing internet penetration, and simplified payment solutions are expected to boost the digital payments industry in rural India.
“Indian digital payments industry is at its pre-growth stage and is yet to gain a strong policy support from the government, else it might create uncertainty in the industry. The recent government policy “Goods and Services Tax (GST)” is expected to address the unorganized retail industry ecosystem, which will boost digital payments. There is a huge scope for the improvement of mobile banking services and card based transactions owing to the huge unbanked population in the country.” Srujan, Research Analyst at Infoholic Research
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The report covers the present scenario and the growth prospects of the digital payment systems market in India during the forecast period FY2017–FY2023. The report provides an in-depth analysis and forecast about the industry covering the following key features:
- The report is analyzed based on digital payment system types, types of mobile wallets, and regions
- The report covers the evolution of digital payment systems in India, its features, advantages, and importance
- The report covers drivers, restraints, and opportunities (DRO) affecting the market growth over the forecast years (FY2017–FY2023)
- The report contains analysis of vendor profiles, which include financial health, business units, key business priorities, SWOT, strategy, and views; and competitive landscape, which includes vendor assessment
- The report covers the adoption of various digital payment channels in India