India Payment Services Market is Expected to Reach over INR 6,400 trillion by Transaction Value by the year ending 2023: Ken Research

• 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.

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 Ken Research 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:
https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-payment-services-market-research-forecast-2023-/154993-93.html

Companies Covered:
M-Wallet Companies
Paytm, Mobikwik, Freecharge, Oxigen,
Telecom Operators
Jio Money, Airtel Money, Idea Money, SBI Buddy and ICICI Pockets and ITZ Cash, Citrus Pay, PhonePay and other bank wallets
Payment Gateway Companies
Billdesk, Ingenico, PayU and Others (CC Avenue, ATOM, RazorPay, PayPal, Instamojo, VPL and MPL);
PoS Terminal Companies
Ingenico ePayments, Verifone India, AGS Transact, PineLabs, PAX Technologies, Ezetap and Itzcash;
mPoS Companies
Ezetap, M-Swipe, Paynear, Mosambee, AGS Transact and Others (Bijlipay and Visiontek).

Related Reports:
https://researchforecast.com/catalog/product/view/id/501637
https://researchforecast.ae/catalog/product/view/id/2152

Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
Ankur@kenresearch.com
+91-9015378249

Ken Research Pvt. Ltd.,
Unit 14, Tower B3, Spaze I Tech Business Park, Sohna Road, sector 49 Gurgaon, Haryana - 122001, India

Ken Research is a Global aggregator and publisher of Market intelligence, equity and economy reports. We provides business intelligence and operational advisory in 300+ verticals underscoring disruptive technologies, emerging business models with precedent analysis and success case studies.

This release was published on openPR.