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India Payment Services Market to 2023: Surge in Growth of Electronic Payments in India, Along with Rising E-commerce and M-commerce TransactionsDUBLIN, Dec. 17, 2018 /PRNewswire/ -- The "India Payment Services Market Research Forecast to 2023 - By Online Payments, M-PoS, IMPS, AePS, USSD-BHIM Transactions, UPI, M-Wallet, PoS Terminal, Payment Gateways, CUG Cards and Payment Security Segment" report has been added to ResearchAndMarkets.com's offering.  India Payment Services Market Research Forecast to 2023 covers the overall competitive landscape; government role and regulations, growth drivers, trends and developments. The report concludes with market projection for future for every single market described above highlighting the major opportunities and cautions for overall India payment services market. India Payment Services Market India payment services market which has traditionally been dominated by cash witnessed advancement towards digital transactions both in terms of value and volume during demonetization phase in India. Regulatory authorities such as the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) play a major role in establishing guidelines for effective working within India's payments landscape. In India, cash still dominates the entire payment landscape and is expected to lead the majority share in future. Surge in growth of electronic payments in India, along with rising E-commerce and M-commerce transactions are further expected to give a boost to numerous entities including payment gateway service providers and payment aggregators that facilitate online payments in the country. Compared to other payment modes in India, M-wallet service providers have emerged as the most significant contributor in promoting electronic payments in the country owing to the increasing usage of internet and smartphone users in the country. In terms of transaction volume, the semi-loop wallet type established itself as market leader in India m-wallet market and was followed by closed loop wallets in FY'2018. Some of the major companies having semi-closed wallets include Paytm, Mobikwik, Oxigen wallet and others whereas, closed wallet type companies include SBI E-Buddy, HDFC PayZapp and telecom operators such as Airtel Money, Jio Money, Vodafone M-Pesa and others. Social gifting is on the verge of becoming a popular trend among young tech-savvy customer base which could drive money transfer through mobile wallets, especially on festive occasions in near uture. India Payment Gateway Market Some of the leading payment gateway companies in India include CC Avenues, Payu Money, EBS, Billdesk and others. India payment gate-way market was majorly driven by demanding factors from consumers such as faster checkout and digital security. Increasing cybercrimes or threats have become a major key factor for payment gateway service providers, as it has affected the company's profitability and revenues. By end users, large enterprises were observed to dominate the Indian payment gateway market owing to a higher penetration in the country's online payment ecosystem in comparison with SMEs. It has been forecasted that the merchant's dashboard would become key focus for market leaders such as failure rate analytics and chargeback dashboards in near future. PoS terminals were launched as a computerized replacement of cash register where customers can make an online transaction with the help of their debit or credit cards. India PoS terminal market was heavily dependent up on the card acceptance infrastructure consisting of ATMs and PoS terminal devices. In terms of number of device installations, metro cities were witnessed to dominate India PoS terminal market majorly due to higher usage and penetration of debit and credit cards in these cities whereas, non-metro cities were observed to catch up by spreading awareness regarding PoS devices enabled with Aadhaar enabled Payment System (AePS) in rural India. Large retail formats, such as Big Bazaar, Shoppers Stop and other malls were observed to install traditional PoS systems that work on GPRS technology. Introduction of QR code bases system and NFC payment technology is further expected to give a boost to the country's PoS terminal market over long term. An increasing number of medium sized and large sized merchants were witnessed as early adopters of tablet based mPoS devices. As large number of merchants has already been a part of a wide user base, banks became a suitable partner to reach out to target customers. The market observed a major gap in the demand and supply of mPoS hardware during demonetization phase which resulted in increased number of manufacturers for several mPoS companies. Integrating with sensors, video monitors and cameras which would provide smart advertising to customers based on environment and purchasing trends. India Payment Services Market By Desktop Payments and Mobile Payments By Type of Industry (Financial Services, Retail, Online Travel and Others)
By Transaction Type (Semi-Closed Loop and Open loop) By End-User (Consumer and Enterprise)
By End-User (Large Enterprises and SMEs) By Type of Payment Modes (Net Banking, Debit Cards, Credit Cards and Others) By Type of Transactions (E-Commerce, Financial Services, Utility Bills and Other Online Services)
By Number of Terminals (Active Terminals and Inactive Terminals) By Metro Cities and Non-Metro Cities By End User Industry (Large Enterprises, SMEs and Micro Merchants)
By Number of Terminals (Inactive Terminals and Active Terminals) By Type of Distribution Channel (Retail Channel and Direct Sales)
Time Period Captured in the Report:
Companies Covered: M-Wallet Companies
Payment Gateway Companies
PoS Terminal Companies
M-PoS Companies
For more information about this report visit https://www.researchandmarkets.com/research/32j6xc/india_payment?w=5 Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research. Media Contact: Research and Markets
SOURCE Research and Markets 
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