E-payment Solutions Market in India to Expand at 51.17% CAGR Till 2023
Research On Global Markets has announced the addition of a market research report titled “E-Payment Solutions Market In India (2018-2023)” to their offering. According to the report, the e-payment solutions market in India is anticipated to expand at a compound annual growth rate (CAGR) of 51.17% during the forecasted period, and will reach a value of INR 15,344.1 Tn by 2023. The market for e-payment solutions in India is primarily driven by the development of digital infrastructure in the country, which is creating of a robust technological ecosystem for digital payments.
The research report published by Research On Global Markets features a comprehensive analysis of the e-payment solutions market in India, which is expected to 96.5 Tn transactions by FY 2023, compared to 18.5 Tn transactions conducted in 2018. The growth of the Indian e-payment solutions market is primarily due to the introduction of digital payment portals by banks like Axis Bank Ltd., HDFC Bank Ltd., ICICI Bank Ltd., etc. Also, the integration of payment services in popular applications like WhatsApp and Apple Pay has led to an increase in digital payments across India.
According to Research On Global Markets, among the different market segments, the use of credit cards for online payments decreased to 43% in 2018, while the market share of prepaid payment instruments (PPI) has increased to 13% for the same year. This implies that there has been a shift in the preference for payment methods, from cards to digital platforms, thus leading to the higher penetration of e-payment solutions in India.
Analysts at Research On Global Markets also believe that following the demonetization of INR 500 and INR 1,000 notes in 2016, India’s fintech landscape witnessed significant adoption among users across various business segments. This, in turn, has led to the growth of the e-payment solutions industry in India. Moreover, the cashbacks and discounts provided by e-commerce players like Amazon, Flipkart and Paytm on digital payments offer further incentives to the consumers for making payments online.
Research On Global Markets tracks the performance of the major players operating in the e-payment solutions market in India including Airtel Payments Bank Limited, Axis Bank Limited, HDFC Bank Limited, ICICI Bank Limited, Mswipe Technologies Private Limited, National Payments Corporation of India, One Mobikwik Systems Private Limited, One97 Communications Limited, PayPal Payments Private Limited, and State Bank of India, among others.
Key highlights of this report:
- E-payment solutions market - definition and structure
- E-payment solutions market size and growth forecast – value-wise (FY 2016-FY 2023e)
- E-payment solutions market size and growth forecast – volume-wise market (FY 2016- FY 2023e)
- Total card payments percentage split – value-wise (FY 2016-FY 2018)
- Total retail electronic clearing percentage split – value-wise (FY 2016-FY 2018)
- Key growth drivers of the market
- Key deterrents to the growth of the market
- Analysis of the competitive landscape in the market
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for digital payments in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.