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.
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.
- Axis Bank Limited
- HDFC Bank Limited
- ICICI Bank Limited
- Infibeam Avenues Limited
- State Bank of India
- Airtel Payments Bank Limited
- Mswipe Technologies Private Limited
- One97 Communications Limited
- One MobiKwik Systems Private Limited
- Google LLC
PayPal Payments Private Limited
Key Topics Covered:
1. Executive summary
2. Socio-economic indicators
3.1. Market definition and structure
3.2. Major global players using AI-based manufacturing process
4. India artificial intelligence market overview
4.1. India artificial intelligence market overview
4.1.1. India artificial intelligence market size and growth forecast
4.1.2. Funding in the Indian AI start-ups
5. India manufacturing industry overview
5.1. India manufacturing industry overview
5.1.1. India - gross value added (GVA) of manufacturing
6. Artificial intelligence in the Indian manufacturing industry
6.1. Impact of artificial intelligence in the Indian manufacturing industry
7. Use cases of AI in the manufacturing industry
7.1. Use cases of AI in the manufacturing industry
8. Case studies
8.1. Case study - Blue Star Ltd.
8.2. Case study - TVS Motor Company Ltd.
8.3. Case study - JK Tyre & Industries Ltd.
8.4. Case study - Bajaj Auto Ltd.
8.5. Case study - Asian Paints Ltd.
9. Market influencers
9.1. Market drivers
9.2. Market challenges
10. Competitive landscape
10.1. Abee Research Labs Pvt. Ltd.
10.1.1. Company information
10.1.2. Business description
10.1.4. Key people
10.2. EroNkan Technologies Pvt. Ltd.
10.3. Flutura Business Solutions Pvt. Ltd.
10.4. LivNSense Technologies Pvt. Ltd.
10.5. Universal Robots (India) Pvt. Ltd.
10.6. Altizon Systems Pvt. Ltd.
10.7. IBM India Pvt. Ltd.
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