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Payment Services Market in India, India Payment Services Industry,India Digital Payments Landscape,Rising Digital Paymen

Banks in India have started to shift from customer experience to customer engagement since digital channels have become a better way to reach out to customers. The ability to personalize communications, proactively respond to events and queries, and preventing fraudulent activities are some of the key factors in order to improve customer loyalty and retention. For more information on the research report, refer to below link:<br>https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-payment-services-market-research-forecast-2023-/154993-93.html<br>Contact Us:<br>Ken Research<br>Ankur Gupta, Head Marketing and communications<br>sales@kenresearch.com<br> 91 9015378249<br>

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Payment Services Market in India, India Payment Services Industry,India Digital Payments Landscape,Rising Digital Paymen

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  1. India Third Party Payment Market is Transforming with the Rising Penetration of Digital Methods and Expecting Consolidation to Emerge Clear Leaders in the Segment: Ken Research

  2. The report titled “India Payment Services Market Outlook 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” by Ken Research suggested a growth at a noteworthy CAGR of 17.6% in terms of transaction value and 24.2% in terms of transaction volume in India payment services market in the upcoming years till the year ending 2023E. • Digital wallets launched by banks include Pockets (ICICI Bank), Lime (Axis Bank), E-Buddy (SBI Bank), PayZapp (HDFC bank) and others.

  3. Banks in India have started to shift from customer experience to customer engagement since digital channels have become a better way to reach out to customers. The ability to personalize communications, proactively respond to events and queries, and preventing fraudulent activities are some of the key factors in order to improve customer loyalty and retention. As a response to this trend, banks and other financial institutions have launched digital wallets - mobile based applications, thus bringing competition through their new digital payment offerings to the already established M-wallet service providers including Paytm, Mobikwik, Oxigen wallet, Freecharge and others.

  4. M-wallet services in India are gradually replacing physical cash transactions into digital cash transactions, as consumers are increasingly turning away from cash and card. The government’s demonetization move in November 2016 acted out as a major game changer for m-wallet companies as it led to an enormous cash-crunch in the country. Majority of the ATM’s in India were frozen out of cash, thus forcing customers to switch to digital M-wallets for small value day-to-day transactions. Originally introduced as an E-commerce payment tool, M-wallets became popular after demonetization in India, as consumers started to extensively use it for daily transactions at supermarkets, grocery stores, street vendors, fuel stations and for cab rides. Launch of payment banks and mainstream application of UPI also transformed the way individuals pay their bills.

  5. Products Covered: • Payment Services Market • by Desktop Payments and Mobile Payments • By Type of Industry • Financial Services • Retail • Online Traveland others • India M-wallet Market • By transaction type • Semi-Closed Loop • Open Loop • By End-User • Consumer • Enterprise • India Payment Gateway Market • By End-User • Large Enterprises • SMEs • By Type of Payment Modes • Net Banking • Debit Cards • Credit Cards and Others,

  6. By Type of Transactions • E-commerce • Financial Services • Utility Bills and Other Online Services • India PoS Terminal Market • By Number of Terminals • Active Terminals and Inactive Terminals, • By Metro and Non-Metro Cities, • By End-User Industry • Large Enterprises, • SMEs • Micro Merchants • India mPoS Market • By Number of Terminals • Inactive Terminals and Active Terminals • By Type of Distribution Channel • Retail Channel • Direct Sales

  7. Companies Covered: • M-Wallet Companies • Paytm, Mobikwik, Freecharge, Oxigen, • Telecom Operators • Jio Money, Airtel Money, Idea Money, SBI Buddy and ICICI Pockets and ITZ Cash, Citrus Pay, PhonePay and other bank wallets • Payment Gateway Companies • Billdesk, Ingenico, PayU and Others (CC Avenue, ATOM, RazorPay, PayPal, Instamojo, VPL and MPL); • PoS Terminal Companies • IngenicoePayments, Verifone India, AGS Transact, PineLabs, PAX Technologies, Ezetap and Itzcash; • mPoS Companies • Ezetap, M-Swipe, Paynear, Mosambee, AGS Transact and Others (Bijlipay and Visiontek).

  8. For more information on the research report, refer to below link: • https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-payment-services-market-research-forecast-2023-/154993-93.html • Related Reports • https://www.kenresearch.com/banking-financial-services-and-insurance/banking/india-atm-management-services-market/153175-93.html • https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/india-domestic-remittance-market-research-report/474-93.html • Contact Us:Ken Research • Ankur Gupta, Head Marketing and communicationssales@kenresearch.com • +91 9015378249

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