Digital Payments Industry expected to grow at CAGR of 58.90% during the forecast period 2017-2023.

Pune, India, 21 August 2017: WiseGuyReports announced addition of new report, titled “Digital Payment Systems Market in India – Drivers, Opportunities, Trends, and Forecasts to 2022”.

By 2022, more than 80% of the urban population of India will adopt “Digital Payments” and expect 70% of retail affiliates to adopt it. Minimum transaction fees and electronic transfer funds and mobile banking related cash transfer facility will increase the speed of the digital payment system in India.

Also, the Government of India is making positive policies that are supporting physical and service tax (GST), financial inclusion, improving digital infrastructure, providing positive support, the UPA and other digital payments industry.

 In 2016, the Indian government made an important change in the country, e.g. to increase the black money prevailing in the country and increase digital penetration. This is an unprecedented step that India has made towards improving the “Cashless Economy” so that many digital payment channels in the country are fast growing.

As per report analysis and research “Digital Payment Systems Market in India” market will witness a CAGR of 58.90% during the forecast period 2017-2023.

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Indian paid-up businesses deal largely on cash basis. The banking industry was large-branch-based till 2014. Then there was a large increase in the number of channels in the banking sector, which further researched digital payments in both rural and urban areas. Indian Digital Payment Industry is expected to reach $ 700 billion by 2022, according to the transaction value.

The report also explain various factors related to “Mobile wallet” concept; India's mobile wallet ecosystem is still growing to be competitive yet. Even through, major e-commerce and telecom organizations are engaging these industries through the expansion of the business. Moreover, there is a need for strong regulatory support for India's digital padding ecosystem growth has not yet been established.

The changing attitude of the customer, the growth rate of the Internet and the government policies are encouraging the industry, which is indirectly supported by the increasing demand for P2P Payments, e-commerce platform, Utility Bill Payments. Due to the development of digital infrastructure in India, a strong technology for the digital payment industry is provided to the environment.

The analysis of the report gives an inclusive analysis of "Digital Payment System Market in India". Opting out of the industry, this report aims to give players the opportunity to understand the latest trends related to the market, current market conditions, government initiatives and technology. Market related In addition, entrepreneurs help the capitalists to understand companies and make informed decisions. This report also covers various electronic fund transfers methods - mobile banking, digital payment methods, mobile wallet, payment bank and other such methods.

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.

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