M-Wallet Market in India,India M-Wallet Industry Size,M-Wallet Companies in India,M-Wallet Service Providers in India : Ken Research
The rapid penetration of smartphones along with widespread of internet connectivity on mobiles devices has created a positive impact on the country’s payment services market.
The rapid penetration of smartphones along with widespread of internet connectivity on mobiles devices has created a positive impact on the country’s payment services market.
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How <strong>in</strong>dia payment services market is<br />
positioned?<br />
• <strong>India</strong> payment services market which has traditionally been dom<strong>in</strong>ated by cash<br />
witnessed advancement towards digital transactions both <strong>in</strong> terms of value and<br />
volume dur<strong>in</strong>g demonetization phase <strong>in</strong> <strong>India</strong>. The total number of ATMs<br />
(<strong>in</strong>clud<strong>in</strong>g onsite and offsite) was witnessed to <strong>in</strong>crease from ~ as of 31st March<br />
2013 to ~ as of 31st March 2018, thus display<strong>in</strong>g a five year CAGR of ~% dur<strong>in</strong>g the<br />
review period. Regulatory authorities such as the Reserve Bank of <strong>India</strong> (RBI) and<br />
the National Payments Corporation of <strong>India</strong> (NPCI) play a major role <strong>in</strong> establish<strong>in</strong>g<br />
guidel<strong>in</strong>es for effective work<strong>in</strong>g with<strong>in</strong> <strong>India</strong>’s payments landscape.<br />
• In <strong>India</strong>, merchant payments were observed to be the central aspect of all<br />
payment services for large enterprises as well as MSMEs, which are <strong>in</strong>creas<strong>in</strong>gly<br />
becom<strong>in</strong>g <strong>in</strong>tegrated with PoS and mPoS term<strong>in</strong>al devices. Surge <strong>in</strong> growth of<br />
electronic payments <strong>in</strong> <strong>India</strong>, along with ris<strong>in</strong>g E-commerce and M-commerce<br />
transactions are further expected to give a boost to numerous entities <strong>in</strong>clud<strong>in</strong>g<br />
payment gateway service providers and payment aggregators that facilitate onl<strong>in</strong>e<br />
payments <strong>in</strong> the country. Besides all these advancements, cash still dom<strong>in</strong>ates the<br />
entire payment landscape <strong>in</strong> <strong>India</strong> and is further expected to hold a majority share<br />
<strong>in</strong> future.
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