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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What Is The Role Of Payment<br />
Gateweay <strong>Market</strong> In <strong>India</strong><br />
• Payment gateways play a significant role <strong>in</strong> E-commerce transactions by authoriz<strong>in</strong>g the payment<br />
between a merchant and a consumer. Some of the lead<strong>in</strong>g payment gateway companies <strong>in</strong> <strong>India</strong><br />
<strong>in</strong>clude PayPal, Billdesk and others. Demand<strong>in</strong>g factors from <strong>India</strong>n millennials such as faster check<br />
out and better convenience has been driv<strong>in</strong>g the growth of digital payments <strong>in</strong> <strong>India</strong>. As a result, it<br />
has <strong>in</strong>creased the role of payment gateway providers <strong>in</strong> the digital payments landscape. Increas<strong>in</strong>g<br />
cyber-crimes or threats have forced companies to build platforms with advance security features<br />
for early fraud detection and m<strong>in</strong>imiz<strong>in</strong>g the collateral damage. The payment gateway market <strong>in</strong><br />
<strong>India</strong> was evaluated at INR ~ million <strong>in</strong> terms of transaction value <strong>in</strong> the FY’2018.<br />
• Large enterprises were witnessed to dom<strong>in</strong>ate the <strong>India</strong>n payment gateway market with a revenue<br />
share of ~% <strong>in</strong> terms of transaction volume <strong>in</strong> FY’2018. These enterprises have a higher penetration<br />
<strong>in</strong> the digital payment ecosystem <strong>in</strong> comparison with the small and medium scale enterprises, thus<br />
leav<strong>in</strong>g them with a limited volume share of ~% <strong>in</strong> the FY’2018.<br />
• Due to high <strong>in</strong>fluence of open source payment gateway codes coupled with <strong>in</strong>creas<strong>in</strong>g bank<strong>in</strong>g<br />
platforms has forced the exist<strong>in</strong>g payment gateway companies <strong>in</strong> <strong>India</strong> to th<strong>in</strong>k upon differentiat<strong>in</strong>g<br />
their services and provide a value-add to their clients. In near future, the payment gateway market<br />
is expected to generate a transaction value of INR ~ million by the FY’2023E. Digital channels are<br />
the pathway through which a bank can <strong>in</strong>teract with its customers, therefore develop<strong>in</strong>g digital<br />
channels as customer engagement will play a critical role.
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