- Future Growth of the payment industry is expected to be led by mobile and card based payments
- The companies competing in the sector are expected to provide cost effective solutions to merchants and customers by leveraging technology
Ken Research announced its latest publication on “India Payment Services Industry Outlook to 2019” which provides a comprehensive analysis of the scenario of payment and banking services in India. The report covers various aspects such as market size of m-banking, mobile wallets and mPOS systems along with segmentation on the basis of revenues and value and volume of transactions. The report is useful for financial institutions, IT service providers, IT hardware manufacturers and new players venturing in the market.
The payment industry in India has witnessed growth in recent years on the account of rising number of transactions through mobile based services. The advancement of this sector has been fuelled by the on-going trend of expeditious adoption of mobile technology across the country. Surge in growth is majorly originated from the success of mobile point of sale terminals. Factors such as increase in awareness about high security provided by digital modes of payments and movement towards card based transactions have supplemented the industry. The payment industry in India is composed of various segments with each segment comprising of a number of players. Mobile banking has been dominated majorly by banking institutions such as ICICI, HDFC and the State Bank of India whereas, mobile wallets have witnessed strategic partnerships between various financial institutions and telecom companies such as Airtel, Idea and Vodafone to promote services. Ezetap, Mswipe and iKaaz are some of the major players in the MPOS segment. The payment services industry grew at a CAGR of 142.9% during FY’2012-FY’2014.
According to the research report published by “Ken Research”, India payments market will grow at a considerable CAGR, thus exceeding INR 8,172.7 Billion by 2019, to be driven by rising number of digital payments and increase in ease of access of financial services across various regions in the country.
“While rising awareness about digital payments, boom in mobile technology and an increase in the preference for hassle free transactions will result in a significant up-rising of the payment industry. The large untapped rural population and strict government regulations are few of the major challenges which may affect the growth of this industry in the future”, according to the Research Associate, Ken Research.
Key Topics Covered in the Report:
India Payment Services Market
- -Market Size by value and volume of transactions for mobile banking, mobile wallets and MPOS systems
- -Market Segmentation by
- oType of payment
- oType of Industry
- oPayment Channel
- -Trends and Development
- -Merchant Acquiring Landscape
- -Switch Providers
- -Role of Government
- -Porter’s Analysis
- -Competition and Market Share
- -Growth Drivers
- -Future Outlook
- -Macro Economic Parameters
Key Sectors Mentioned in the Report
Online Payment Gateway
Companies Covered in the Report
State Bank of India
Union Bank of India
Bank of Baroda
Idea My Cash
Money on Mobile
Alpha Payment Services
EBS Payment Gateway
Ankur Gupta, Head Marketing & Communications
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