Digital Payment Systems Market in India
The digital payment systems market in India is expected to reach $700 billion by 2022 in terms of value of transactions. It is expected that 80% of the urban population in India will adopt digital payments in their day-to-day transactions, and 70% of the retail chains will adopt them by 2022.
Key growth factors
Rapid expansion of digital technologies, competitive advantage, changing customer behavior, reduced transaction charges and government initiatives are expected to drive the market growth in India. Additionally, reduced transaction charges, positive policy frameworks such as Goods and Services Tax (GST), financial inclusion, improving digital infrastructure, launching payment systems such as Aadhar enabled payments, UPI, and others are bound to support and grow the digital payments industry in the country.
Impact of Demonetization
Indian mobile wallet market has witnessed a rapid increase in usage and number of downloads post demonetization. With the entry of banks into the mobile wallet business, there is tough competition among existing wallet providers. Demonetization in November 2016 led to increased competition among the players, which has resulted in higher spending on customer acquisition. At the same time, the market is attracting leading global wallet providers, which in turn, is expected to boost the digital payments industry in India.
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