Digital Payment Systems Market in India – Drivers, Opportunities, Trends, and Forecasts to 2022
Overview
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.
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.
1 INDUSTRY OUTLOOK
1.1 Industry Overview
1.2 Industry Trends
1.3 Pest Analysis
2 REPORT OUTLINE
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 MARKET OUTLOOK
3.1 Overview
3.2 Market Definition – Infoholic Research
3.3 Market Trends
3.4 Market Segmentation
3.5 Porter (5) Five Forces
4 MARKET CHARACTERISTICS
4.1 Evolution
4.2 Ecosystem
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Rapid expansion of digital technologies
4.3.1.2 To create competitive advantage
4.3.1.3 The evolution in customer behaviour
4.3.1.4 Reduced transaction charges
4.3.1.5 Government initiatives
4.3.2 Restraints
4.3.2.1 Lack of payment processing infrastructure
4.3.2.2 Unable to process higher amount of transactions
4.3.3 Opportunities
4.3.3.1 India’s Digital Payments Revolution
4.3.3.2 Hidden opportunities in the rural markets through localization
4.3.3.3 Contactless Payments: Wearable Technology
4.3.4 DRO-Impact Analysis
5 PAYMENT BANKS IN INDIA
5.1 Evolution of Payment Banks
5.2 Comparison between Payment Banks and Traditional Banks
5.3 Implementation of Payments Banks
6 TYPES OF PAYMENT CHANNEL: OUTLOOK
6.1 Overview
6.2 Digital Channel
6.3 Branch Based Channel
6.4 Others
7 DIGITAL PAYMENT SYSTEM TYPES: MARKET SIZE & ANALYSIS
7.1 Overview
7.2 Mobile Banking
7.3 Internet Banking
7.4 Point of Sale Terminals
7.5.1 Overview
7.5.2 Credit card Penetration
7.5.2 Debit card Penetration
7.6 Mobile Wallet
7.7 Others
8 MOBILE WALLETS: MARKET SIZE & ANALYSIS
8.1 Overview
8.1.1 Different Types of mobile wallets:
8.1.2 Mobile Wallet Service Types
8.1.2.1 Recharges
8.1.2.2 Money transfer
8.1.2.3 Retail Bill Payments
8.1.2.4 Travel Booking
8.1.2.5 Others
8.2 Mobile Wallets: Telecom Players
8.2.1 Airtel money
8.2.1.1 Overview
8.2.1.2 SWOT Analysis
8.2.1.3 Business focus
8.2.1.4 Business Strategy
8.2.2 Vodafone: mPesa
8.2.2.1 Overview
8.2.2.2 SWOT Analysis
8.2.2.3 Business focus
8.2.2.4 Business strategy
8.2.3 Idea Money
8.2.3.1 Overview
8.2.3.2 SWOT Analysis
8.2.3.3 Business focus
8.2.3.4 Business Strategy
8.3 Mobile Wallets:Banks
8.3.1 HDFC Bank: PayZapp
8.3.1.1 Overview
8.3.1.2 SWOT Analysis
8.3.1.3 Business focus
8.3.1.4 Business Strategy
8.3.2 ICICI: Bank Pockets
8.3.2.1 Overview
8.3.2.2 SWOT Analysis
8.3.2.3 Business focus
8.3.2.4 Business Strategy
8.3.3 Axis Bank: LIME
8.3.3.1 Overview
8.3.3.2 SWOT Analysis
8.3.3.3 Business Focus
8.3.3.4 Business Strategy
8.3.4 State Bank Buddy
8.3.4.1 Overview
8.3.4.2 SWOT Analysis
8.3.4.3 Business Focus
8.3.4.4 Business Strategy
8.4 E-commerce and Technology Providers
8.4.1 Free Charge
8.4.1.1 Overview
8.4.1.2 SWOT Analysis
8.4.1.3 Business focus
8.4.1.4 Business Strategy
8.4.2 PhonePe
8.4.2.1 Overview
8.4.2.2 SWOT Analysis
8.4.2.3 Business focus
8.4.2.4 Business Strategy
8.4.3 Samsung Pay
8.4.3.1 Overview
8.4.3.2 SWOT Analysis
8.4.3.3 Business Focus
8.4.3.4 Business Strategy
8.5 Other Predominate Players
8.5.1 PayUmoney
8.5.1.1 Overview
8.5.1.2 SWOT Analysis
8.5.1.3 Business Focus
8.5.1.4 Business Strategy
8.5.2 Paytm
8.5.2.1 Overview
8.5.2.2 SWOT Analysis
8.5.2.3 Business Focus
8.5.2.4 Business Strategy
8.5.3 MobiKwik
8.5.3.1 Overview
8.5.3.2 SWOT Analysis
8.5.3.3 Business focus
8.5.3.4 Business Strategy
9 REGIONS: MARKET SIZE & ANALYSIS
9.1 Overview
9.2 Urban
9.3 Rural
10 COMPETITIVE LANDSCAPE
Annexure
? Acronyms
1.1 Industry Overview
1.2 Industry Trends
1.3 Pest Analysis
2 REPORT OUTLINE
2.1 Report Scope
2.2 Report Summary
2.3 Research Methodology
2.4 Report Assumptions
3 MARKET OUTLOOK
3.1 Overview
3.2 Market Definition – Infoholic Research
3.3 Market Trends
3.4 Market Segmentation
3.5 Porter (5) Five Forces
4 MARKET CHARACTERISTICS
4.1 Evolution
4.2 Ecosystem
4.3 Market Dynamics
4.3.1 Drivers
4.3.1.1 Rapid expansion of digital technologies
4.3.1.2 To create competitive advantage
4.3.1.3 The evolution in customer behaviour
4.3.1.4 Reduced transaction charges
4.3.1.5 Government initiatives
4.3.2 Restraints
4.3.2.1 Lack of payment processing infrastructure
4.3.2.2 Unable to process higher amount of transactions
4.3.3 Opportunities
4.3.3.1 India’s Digital Payments Revolution
4.3.3.2 Hidden opportunities in the rural markets through localization
4.3.3.3 Contactless Payments: Wearable Technology
4.3.4 DRO-Impact Analysis
5 PAYMENT BANKS IN INDIA
5.1 Evolution of Payment Banks
5.2 Comparison between Payment Banks and Traditional Banks
5.3 Implementation of Payments Banks
6 TYPES OF PAYMENT CHANNEL: OUTLOOK
6.1 Overview
6.2 Digital Channel
6.3 Branch Based Channel
6.4 Others
7 DIGITAL PAYMENT SYSTEM TYPES: MARKET SIZE & ANALYSIS
7.1 Overview
7.2 Mobile Banking
7.3 Internet Banking
7.4 Point of Sale Terminals
7.5.1 Overview
7.5.2 Credit card Penetration
7.5.2 Debit card Penetration
7.6 Mobile Wallet
7.7 Others
8 MOBILE WALLETS: MARKET SIZE & ANALYSIS
8.1 Overview
8.1.1 Different Types of mobile wallets:
8.1.2 Mobile Wallet Service Types
8.1.2.1 Recharges
8.1.2.2 Money transfer
8.1.2.3 Retail Bill Payments
8.1.2.4 Travel Booking
8.1.2.5 Others
8.2 Mobile Wallets: Telecom Players
8.2.1 Airtel money
8.2.1.1 Overview
8.2.1.2 SWOT Analysis
8.2.1.3 Business focus
8.2.1.4 Business Strategy
8.2.2 Vodafone: mPesa
8.2.2.1 Overview
8.2.2.2 SWOT Analysis
8.2.2.3 Business focus
8.2.2.4 Business strategy
8.2.3 Idea Money
8.2.3.1 Overview
8.2.3.2 SWOT Analysis
8.2.3.3 Business focus
8.2.3.4 Business Strategy
8.3 Mobile Wallets:Banks
8.3.1 HDFC Bank: PayZapp
8.3.1.1 Overview
8.3.1.2 SWOT Analysis
8.3.1.3 Business focus
8.3.1.4 Business Strategy
8.3.2 ICICI: Bank Pockets
8.3.2.1 Overview
8.3.2.2 SWOT Analysis
8.3.2.3 Business focus
8.3.2.4 Business Strategy
8.3.3 Axis Bank: LIME
8.3.3.1 Overview
8.3.3.2 SWOT Analysis
8.3.3.3 Business Focus
8.3.3.4 Business Strategy
8.3.4 State Bank Buddy
8.3.4.1 Overview
8.3.4.2 SWOT Analysis
8.3.4.3 Business Focus
8.3.4.4 Business Strategy
8.4 E-commerce and Technology Providers
8.4.1 Free Charge
8.4.1.1 Overview
8.4.1.2 SWOT Analysis
8.4.1.3 Business focus
8.4.1.4 Business Strategy
8.4.2 PhonePe
8.4.2.1 Overview
8.4.2.2 SWOT Analysis
8.4.2.3 Business focus
8.4.2.4 Business Strategy
8.4.3 Samsung Pay
8.4.3.1 Overview
8.4.3.2 SWOT Analysis
8.4.3.3 Business Focus
8.4.3.4 Business Strategy
8.5 Other Predominate Players
8.5.1 PayUmoney
8.5.1.1 Overview
8.5.1.2 SWOT Analysis
8.5.1.3 Business Focus
8.5.1.4 Business Strategy
8.5.2 Paytm
8.5.2.1 Overview
8.5.2.2 SWOT Analysis
8.5.2.3 Business Focus
8.5.2.4 Business Strategy
8.5.3 MobiKwik
8.5.3.1 Overview
8.5.3.2 SWOT Analysis
8.5.3.3 Business focus
8.5.3.4 Business Strategy
9 REGIONS: MARKET SIZE & ANALYSIS
9.1 Overview
9.2 Urban
9.3 Rural
10 COMPETITIVE LANDSCAPE
Annexure
? Acronyms
LIST OF TABLES
Table 1 INDIAN DIGITAL PAYMENT SYSTEMS MARKET REVENUE BY TYPE, FY2017-FY2023 ($BILLION)
Table 2 INDIAN DIGITAL PAYMENT SYSTEMS MARKET GROWTH BY TYPES, 2017-2023 (Y-O-Y, %)
Table 3 TOTAL NUMBER OF ACTIVE CARDS IN INDIA (IN MILLION UNITS)
Table 4 TOTAL VALUE OF CARD TRANSACTIONS IN INDIA (INR BILLION)
Table 5 ECS TRANSACTIONS VOLUME ($MILLION)
Table 6 ECS TRANSACTIONS VALUE ($BILLION)
Table 7 MOBILE WALLET MARKET REVENUE BY SERVICE TYPE, FY2017-FY2023 ($BILLION)
Table 8 MOBILE WALLET MARKET GROWTH BY SERVICE TYPE, FY2017-FY2023 (Y-O-Y, %)
Table 9 DIGITAL PAYMENT SYSTEMS MARKET REVENUE BY REGIONS, 2017-2023 ($BILLION)
Table 10 DIGITAL PAYMENT SYSTEMS MARKET GROWTH BY REGIONS, 2017-2023 (Y-O-Y, %)
Table 1 INDIAN DIGITAL PAYMENT SYSTEMS MARKET REVENUE BY TYPE, FY2017-FY2023 ($BILLION)
Table 2 INDIAN DIGITAL PAYMENT SYSTEMS MARKET GROWTH BY TYPES, 2017-2023 (Y-O-Y, %)
Table 3 TOTAL NUMBER OF ACTIVE CARDS IN INDIA (IN MILLION UNITS)
Table 4 TOTAL VALUE OF CARD TRANSACTIONS IN INDIA (INR BILLION)
Table 5 ECS TRANSACTIONS VOLUME ($MILLION)
Table 6 ECS TRANSACTIONS VALUE ($BILLION)
Table 7 MOBILE WALLET MARKET REVENUE BY SERVICE TYPE, FY2017-FY2023 ($BILLION)
Table 8 MOBILE WALLET MARKET GROWTH BY SERVICE TYPE, FY2017-FY2023 (Y-O-Y, %)
Table 9 DIGITAL PAYMENT SYSTEMS MARKET REVENUE BY REGIONS, 2017-2023 ($BILLION)
Table 10 DIGITAL PAYMENT SYSTEMS MARKET GROWTH BY REGIONS, 2017-2023 (Y-O-Y, %)
LIST OF CHARTS
Chart 1 MARKET SEGMENTATION OF DIGITAL PAYMENT SYSTEMS MARKET
Chart 2 PORTER (5) FIVE FORCES
Chart 3 EVOLUTION OF DIGITAL PAYMENT SYSTEMS
Chart 4 ECOSYSTEM OF DIGITAL PAYMENT SYSTEMS MARKET
Chart 5 MARKET DYNAMICS – DRIVERS, RESTRAINTS, AND OPPORTUNITIES
Chart 6 IMPACT ANALYSIS OF DIGITAL PAYMENT STSTEMS MARKET
Chart 7 THE WORKING PROCESS OF POS TERMINAL
Chart 8 AIRTEL MONEY: OVERVIEW SNAPSHOT
Chart 9 AIRTEL MONEY: SWOT ANALYSIS
Chart 10 VODAFONE M-PESA: OVERVIEW SNAPSHOT
Chart 11 M-PESA: SWOT ANALYSIS
Chart 12 IDEA MONEY: OVERVIEW SNAPSHOT
Chart 13 IDEA MONEY: SWOT ANALYSIS
Chart 14 HDFC PAYZAPP: OVERVIEW
Chart 15 HDFC PAYZAPP: SWOT ANALYSIS
Chart 16 ICICI: OVERVIEW SNAPSHOT
Chart 17 ICICI: SWOT ANALYSIS
Chart 18 AXIS BANK LIME: OVERVIEW SNAPSHOT
Chart 19 AXIS BANK LIME: SWOT ANALYSIS
Chart 20 STATE BANK BUDDY: OVERVIEW SNAPSHOT
Chart 21 STATE BANK BUDDY: SWOT ANALYSIS
Chart 22 FREECHARGE: OVERVIEW SNAPSHOT
Chart 23 FREECHARGE: SWOT ANALYSIS
Chart 24 PHONPE: OVERVIEW SNAPSHOT
Chart 25 PHONEPE: SWOT ANALYSIS
Chart 26 SAMSUNG PAY: OVERVIEW SNAPSHOT
Chart 27 SAMSUNG PAY: SWOT ANALYSIS
Chart 28 PAYUMONEY: OVERVIEW SNAPSHOT
Chart 29 PAYUMONEY: SWOT ANALYSIS
Chart 30 PAYTM: OVERVIEW SNAPSHOT
Chart 31 PAYTM: SWOT ANALYSIS
Chart 32 MOBIKWIK: OVERVIEW SNAPSHOPT
Chart 33 MOBIKWIK: SWOT ANALYSIS
Chart 34 COMPETITIVE LANDSCAPE
Chart 1 MARKET SEGMENTATION OF DIGITAL PAYMENT SYSTEMS MARKET
Chart 2 PORTER (5) FIVE FORCES
Chart 3 EVOLUTION OF DIGITAL PAYMENT SYSTEMS
Chart 4 ECOSYSTEM OF DIGITAL PAYMENT SYSTEMS MARKET
Chart 5 MARKET DYNAMICS – DRIVERS, RESTRAINTS, AND OPPORTUNITIES
Chart 6 IMPACT ANALYSIS OF DIGITAL PAYMENT STSTEMS MARKET
Chart 7 THE WORKING PROCESS OF POS TERMINAL
Chart 8 AIRTEL MONEY: OVERVIEW SNAPSHOT
Chart 9 AIRTEL MONEY: SWOT ANALYSIS
Chart 10 VODAFONE M-PESA: OVERVIEW SNAPSHOT
Chart 11 M-PESA: SWOT ANALYSIS
Chart 12 IDEA MONEY: OVERVIEW SNAPSHOT
Chart 13 IDEA MONEY: SWOT ANALYSIS
Chart 14 HDFC PAYZAPP: OVERVIEW
Chart 15 HDFC PAYZAPP: SWOT ANALYSIS
Chart 16 ICICI: OVERVIEW SNAPSHOT
Chart 17 ICICI: SWOT ANALYSIS
Chart 18 AXIS BANK LIME: OVERVIEW SNAPSHOT
Chart 19 AXIS BANK LIME: SWOT ANALYSIS
Chart 20 STATE BANK BUDDY: OVERVIEW SNAPSHOT
Chart 21 STATE BANK BUDDY: SWOT ANALYSIS
Chart 22 FREECHARGE: OVERVIEW SNAPSHOT
Chart 23 FREECHARGE: SWOT ANALYSIS
Chart 24 PHONPE: OVERVIEW SNAPSHOT
Chart 25 PHONEPE: SWOT ANALYSIS
Chart 26 SAMSUNG PAY: OVERVIEW SNAPSHOT
Chart 27 SAMSUNG PAY: SWOT ANALYSIS
Chart 28 PAYUMONEY: OVERVIEW SNAPSHOT
Chart 29 PAYUMONEY: SWOT ANALYSIS
Chart 30 PAYTM: OVERVIEW SNAPSHOT
Chart 31 PAYTM: SWOT ANALYSIS
Chart 32 MOBIKWIK: OVERVIEW SNAPSHOPT
Chart 33 MOBIKWIK: SWOT ANALYSIS
Chart 34 COMPETITIVE LANDSCAPE
