DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Digital Payment Systems Market in India - Drivers, Opportunities, Trends, and Forecasts to 2022" report to their offering.
The Digital Payment Systems Market in India market will witness a CAGR of 58.90% during the forecast period FY2017-FY2023.
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.
Companies Mentioned
- Airtel money
- Axis Bank: LIME
- E-commerce and Technology Providers
- HDFC Bank: PayZapp
- ICICI: Bank Pockets
- Idea Money
- MobiKwik
- Mobile Wallets:Banks
- Paytm
- PhonePe
- Samsung Pay
- State Bank Buddy
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Vodafone: mPesa
Key Topics Covered:
1 Industry Outlook
2 Report Outline
3 Market Outlook
4 Market Characteristics
5 Payment Banks in India
6 Types of Payment Channel: Outlook
7 Digital Payment System Types: Market Size & Analysis
8 Mobile Wallets: Market Size & Analysis
9 Regions: Market Size & Analysis
10 Competitive Landscape
For more information about this report visit https://www.researchandmarkets.com/research/3gg2xs/digital_payment
