E-payment Solutions Market in India 2020
Development in fintech, e-commerce and digital banking is significantly driving the growth of e-payments in the country. Integration of payment services in popular non-banking mobile applications such as WhatsApp, Apple Pay, Amazon Pay and Ola Money, among others, is also fueling e-payments, especially among the millennial population in India.
Major players currently operating in the Indian e-payment solutions market include scheduled commercial banks like Axis Bank Limited, HDFC Bank Limited, ICICI Bank Limited and State Bank of India. Apart from banks, e-payment solution providers like Infibeam Avenues Limited, Airtel Payments Bank Limited, Mswipe Technologies Private Limited, Google LLC, and PayPal Payments Private Limited, also operate in the market.
Segment-wise market overview
Out of the different types of e-payment solutions, real-time gross settlement (RTGS) held the largest market share, followed by retail electronic clearing and bank cards, during the FY 2017-FY 2019 period, based on value. However, based on volume, bank cards held the largest market share during the same period.
The share of national electronic funds transfer (NEFT), based on value, declined from ~90.72% in 2017 to ~85.20% in 2019, while it went down from ~38.41% in 2017 to ~18.60% in 2019, based on volume. On the other hand, share based on value for immediate payment service (IMPS) shot up from ~3.11% in 2017 to ~5.94% in 2019, and from ~12% in 2017 to ~14.06% in 2019, based on volume.
Based on value, the share of credit cards decreased from ~44.25% in 2017 to ~42.80% in 2019, while on the basis of volume, the share dropped to ~16.35% in 2019 from ~19.95% in 2017. In the case of debit cards, shares fell from ~44.45% in 2017 to ~42.10% in 2019, based on value, and from ~44.02% in 2017 to ~40.94% in 2019, based on volume.
IMPS and UPI are mobile based e-payment methods, which makes transaction easy and hassle free for customers. On the other hand, in order to transfer fund through both NEFT and NACH (national automated clearing house), customers are required to visit their respective bank branches. Also, transaction through NEFT and NACH require manual intervention, which in turn limits the process within the working hours of the bank. Mobile-based e-payment solutions have gained widespread acceptance since they allow smooth transaction. The popularity of branch-based solutions like NEFT and NACH has sank, in recent years.
Key growth driver of the market
Of late, the e-commerce market in India has been experiencing rapid growth, owing to the participation of companies offering niche products, presence of a large Internet user base, launch of 4G and increase in the purchasing power of consumers. E-commerce giants like Amazon, Flipkart and Paytm Mall often provide cashback and discount offers for online transactions, which in turn attract young customers towards e-payment systems.
Key deterrent to the growth of the market
Despite multiple efforts of the government towards making the Digital India campaign successful, cash continues to be the most popular mode of transaction in the country. This is impeding the adoption of e-payment services across the country.
Axis Bank Limited
HDFC Bank Limited
ICICI Bank Limited
Infibeam Avenues Limited
State Bank of India
Airtel Payments Bank Limited
Mswipe Technologies Private Limited
One97 Communications Limited
One MobiKwik Systems Private Limited
PayPal Payments Private Limited
Chapter 2: Socio-economic indicators
Chapter 3: Introduction
3.1. Market definition and structure
3.2. Major global players using AI-based manufacturing process
Chapter 4: India artificial intelligence market overview
4.1. India artificial intelligence market overview
4.1.1. India artificial intelligence market size and growth forecast
4.1.2. Funding in the Indian AI start-ups
Chapter 5: India manufacturing industry overview
5.1. India manufacturing industry overview
5.1.1. India gross value added (GVA) of manufacturing
Chapter 6: Artificial intelligence in the Indian manufacturing industry
6.1. Impact of artificial intelligence in the Indian manufacturing industry
Chapter 7: Use cases of AI in the manufacturing industry
7.1. Use cases of AI in the manufacturing industry
Chapter 8: Case studies
8.1. Case study Blue Star Ltd.
8.2. Case study TVS Motor Company Ltd.
8.3. Case study JK Tyre & Industries Ltd.
8.4. Case study Bajaj Auto Ltd.
8.5. Case study Asian Paints Ltd.
Chapter 9: Market influencers
9.1. Market drivers
9.2. Market challenges
Chapter 10: Competitive landscape
10.1. Abee Research Labs Pvt. Ltd.
10.1.1. Company information
10.1.2. Business description
10.1.4. Key people
Similar information covered for remaining companies
10.2. EroNkan Technologies Pvt. Ltd.
10.3. Flutura Business Solutions Pvt. Ltd.
10.4. LivNSense Technologies Pvt. Ltd.
10.5. Universal Robots (India) Pvt. Ltd.
10.6. Altizon Systems Pvt. Ltd.
10.7. IBM India Pvt. Ltd.
Chapter 11: Appendix
11.1. Research methodology
11.2. About Netscribes
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