India 2017: Consumer Payments Country Snapshot

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The second largest consumer market globally, India remains a cash-driven economy. However, digital payments will see growth in the Indian market, and are forecast to overtake cash transactions by 2023.The key opportunity is the digitization of payments if they are as easy to use, convenient, and secure as cash then they will contribute to the growth of financial inclusion in the country. The main factors that will play a significant role in the process will be the rise of smartphone penetration, increasing access to the internet, and the development of a digital payments infrastructure.

Key Findings
- As the move to non-cash payments accelerates, cards will be used more frequently by Indian consumers. Providers should increasingly promote card adoption and use through merchant partnerships, reward programs, and benefits on day-to-day spending as well as educating consumers about the advantages of using payment cards over cash.
- While m-commerce is expected to record a compound annual growth rate (CAGR) of 32% between 2015 and 2020, e-commerce is set to record a CAGR of 27% and will continue to account for the majority of online purchases by value. Due to its significant size (forecast to reach $42.4bn through 2020) e-commerce will see the greatest opportunities in the online commerce market over the next five years.
- In spite of recent progress, Indias infrastructure network is still underdeveloped, with only 1 POS terminal per 1,007 people and 1 ATM per 6,471 people. Since smartphone penetration is on the rise, providers should consider extending the mobile point of sale network as a means of increasing card acceptance among merchants and promoting financial inclusion in the country.

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Synopsis
Verdict Financials Consumer Payments Country Snapshot: India 2016 examines the consumer payments market in India, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the regulations in force in the market that players must comply with, and how these have changed in recent years.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards prepaid cards, P2P tools, mobile payment tools, and contactless cards, and how companies in India are deploying these tools to meet customer needs.
- Explores the online payment market in India by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Considers the regulations affecting the payments market and how they are likely to affect both incumbents and disruptors.

ReasonsToBuy
- Understand the key facts and figures in the consumer payments market in India.
- Find out what products the major competitors are launching in the market and plan your strategy accordingly.
- Discover consumer sentiment towards various payment tools in India and use this knowledge to inform product design.
- Learn about the key regulatory requirements affecting Indian payments players and any recent or upcoming changes to those requirements.

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