Digital payment refers to the method of cashless transaction that includes both electronic and internet-based cash transfer. The increasing demand for e-commerce platforms, utility bill payments, and payments for tickets are fuelling the penetration of digital payments in India. The increasing internet penetration in India stands out by providing a robust technological ecosystem for the digital payments industry. It is expected that the urban population in India along with many of the retail chains will adopt digital payments system at a much higher rate by 2022.
The low transaction charges and the degree of ease of cash transfers associated with electronic fund transfers & mobile banking will further drive the growth of digital payment systems market in India. The Indian government is also supporting the rise of digital payments by making considerable regulatory changes. One such initiative among others is demonetization, which was a major step towards development in the recent past. In 2016, the Indian government made a significant move to curb black money circulation within the country, thereby planning to improve digital payment system.
India’s digital payment ecosystem is yet to be competitive and a strong regulatory support is needed to force the exponential growth of it in India. The major e-commerce and telecom companies are fuelling this market growth by launching digital wallets, Samsung Pay, Airtel Money, Flipkart’s PhonePe are a few examples of this trend.
The Indian digital payment systems market is analyzed by digital channel types – mobile wallets, electronic clearing service (ECS), and point of sale (POS) terminals. Also, the information about various mobile wallets in India including Paytm, MobiKwik, Oxigen, Citrus Pay, mRupee, Freecharge, and others are included in the report.
The study covers and analyzes the “Digital Payment Systems market in India”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market.
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