Global Digital Payment Systems Market Research Report 2022
Summary - A
new market study, titled “Digital Payment Systems Market in India – Drivers,
Opportunities, Trends, and Forecasts to 2022 ” has been featured on
WiseGuyReports.
Indian payments industry is
largely dominated by cash-based transactions. The banking industry in the
country was majorly branch-based till 2014. Later, there was a considerable
growth in the branch-less channels of banking, which has further explored into
digital payments in both rural and urban regions. Indian digital payments
industry is expected to reach $700 billion by 2022 in terms of value of
transactions.
It is expected that more
than 80% of the urban population in India will adopt digital payments as a part
of their routine by 2022, and 70% of the retail chains will adopt the same. The
reduced transaction charges and the degree of ease of cash transfers associated
with the electronic fund transfers and mobile banking will further drive the
growth of digital payment systems in India. Also, the Indian Government is
bringing positive policy framework such as Goods and Services Tax (GST),
financial inclusion, improving digital infrastructure, launching payment
systems such as aadhar enabled payments, UPI, and others which are supporting
the digital payments industry. In 2016, Indian Government made a significant
move, i.e. demonetization, to curb black money circulation within the country
and to increase digital payment penetration. It is a phenomenal step made by
India towards improving cashless economy, resulting in sharp increase of
several digital payment channels in the country.
Market Analysis
According to Infoholic Research, the “Digital
Payment Systems Market in India” market will witness a CAGR of 58.90% during
the forecast period FY2017–FY2023. The market is segmented by digital payment
system types and regions. The digital payment system types include mobile
wallets, internet banking, mobile banking, PoS, and others. The regions covered
in the report are urban and rural regions; currently, urban region segment
holds the major market share followed by rural segment.
Digital Payment System: Mobile Wallets Analysis
Mobile Wallets; India’s mobile wallet ecosystem
is yet to be competitive, however major e-commerce and telecom companies are
fuelling this industry through business expansion. Also, a strong regulatory
support is yet to come into force for the exponential growth of digital
payments ecosystem in India.
The changing customer behavior, increasing
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. The development of
digital infrastructure in India stands out by providing a strong technological
ecosystem for the digital payments industry.
Key players
Some of the leading companies covered in the
‘Digital Payment Systems Market in India’ report are 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 others
The report gives insights about various modes of
electronic fund transfer – Mobile Banking, Digital Payment Methods, Mobile
Wallets, Payment Banks, and others.
Benefits
The study offers a comprehensive analysis of 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. related to the market. In
addition, helps the venture capitalist in understanding the companies better
and take informed decisions
FOR MORE
DETAILS: https://www.wiseguyreports.com/reports/1568669-digital-payment-systems-market-in-india-drivers-opportunities-trends-and-forecasts
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