E-payment Solutions Market
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As online payment rose in popularity, paper-based clearing methods experienced a sharp blow within the overall retail payments sector (both in terms of value and volume) in FY 2019. The e-payment solutions market in India is expected to expand at a compound annual growth rate (CAGR) of ~21.74% during the FY 2020-FY 2024 period, from its FY 2019 value of INR 1,638.49 Tn to reach INR 4,323.63 Bn by FY 2024. Based on volume, the market would expand at a CAGR of ~60.65% during the same period (FY 2020-FY 2024). Bank cards (debit cards, credit cards), e-wallets and UPI are some of the common modes of online payment prevalent in the country.
Development in fintech, e-commerce and digital banking is significantly driving the growth of e-payments in the country. Integration of payment services in popular non-banking mobile applications such as WhatsApp, Apple Pay, Amazon Pay and Ola Money, among others, is also fueling e-payments, especially among the millennial population in India.
Major players currently operating in the Indian e-payment solutions market include scheduled commercial banks like Axis Bank Limited, HDFC Bank Limited, ICICI Bank Limited and State Bank of India. Apart from banks, e-payment solution providers like Infibeam Avenues Limited, Airtel Payments Bank Limited, Mswipe Technologies Private Limited, Google LLC, and PayPal Payments Private Limited, also operate in the market.
Segment-wise market overview
Out of the different types of e-payment solutions, real-time gross settlement (RTGS) held the largest market share, followed by retail electronic clearing and bank cards, during the FY 2017-FY 2019 period, based on value. However, based on volume, bank cards held the largest market share during the same period.
The share of national electronic funds transfer (NEFT), based on value, declined from ~90.72% in 2017 to ~85.20% in 2019, while it went down from ~38.41% in 2017 to ~18.60% in 2019, based on volume. On the other hand, share based on value for immediate payment service (IMPS) shot up from ~3.11% in 2017 to ~5.94% in 2019, and from ~12% in 2017 to ~14.06% in 2019, based on volume.
Based on value, the share of credit cards decreased from ~44.25% in 2017 to ~42.80% in 2019, while on the basis of volume, the share dropped to ~16.35% in 2019 from ~19.95% in 2017. In the case of debit cards, shares fell from ~44.45% in 2017 to ~42.10% in 2019, based on value, and from ~44.02% in 2017 to ~40.94% in 2019, based on volume.
IMPS and UPI are mobile based e-payment methods, which makes transaction easy and hassle free for customers. On the other hand, in order to transfer fund through both NEFT and NACH (national automated clearing house), customers are required to visit their respective bank branches. Also, transaction through NEFT and NACH require manual intervention, which in turn limits the process within the working hours of the bank. Mobile-based e-payment solutions have gained widespread acceptance since they allow smooth transaction. The popularity of branch-based solutions like NEFT and NACH has sank, in recent years.
Key growth driver of the market
Of late, the e-commerce market in India has been experiencing rapid growth, owing to the participation of companies offering niche products, presence of a large Internet user base, launch of 4G and increase in the purchasing power of consumers. E-commerce giants like Amazon, Flipkart and Paytm Mall often provide cashback and discount offers for online transactions, which in turn attract young customers towards e-payment systems.
Key deterrent to the growth of the market
Despite multiple efforts of the government towards making the Digital India campaign successful, cash continues to be the most popular mode of transaction in the country. This is impeding the adoption of e-payment services across the country.
o Axis Bank Limited
o HDFC Bank Limited
o ICICI Bank Limited
o Infibeam Avenues Limited
o State Bank of India
o Airtel Payments Bank Limited
o Mswipe Technologies Private Limited
o One97 Communications Limited
o One MobiKwik Systems Private Limited
o Google LLC
o PayPal Payments Private Limited
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Chapter 1: Executive summary
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Evolution of e-payment systems in India
Chapter 4: Market overview
4.1. E-payment solutions market in India - overview
4.1.1. Historical market size and growth - based on value (FY 2015-FY 2019)
4.1.2. Forecast market size and growth - based on value (FY 2020-FY 2024)
4.1.3. Historical market size and growth - based on volume (FY 2015-FY 2019)
4.1.4. Forecast market size and growth - based on volume (FY 2020-FY 2024)
4.1.5. Value-wise break-up of payment mode in the retail payment market - electronic transaction vs. paper clearing
4.1.6. Volume-wise break-up of payment mode in the retail payment market - electronic transaction vs. paper clearing
Chapter 5: Market segmentation
5.1. E-payment solutions market segmentation - value-wise
5.1.1. E-payment solutions - type-wise segmentation based on value (FY 2017-FY 2019)
5.1.2. Retail electronic clearing type-wise share based on value (FY 2017-FY 2019)
5.1.3. Card payment type-wise share based on value (FY 2017-FY 2019)
5.2. E-payment solutions market segmentation - volume-wise
5.2.1. E-payment Solutions - type-wise segmentation based on volume (FY 2017-FY 2019)
5.2.2. Retail electronic clearing type-wise share based on volume (FY 2017-FY 2019)
5.2.3. Card payment type-wise share based on volume (FY 2017-FY 2019)
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