Digital Payment Systems Market in India – Drivers, Opportunities, Trends, and Forecasts to 2022

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  • Published Date:
    17 Jul 2021
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    ICT & Telecom
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Impact Analysis on the Growth of Market

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Indian payments industry is largely dominated by cash-based transactions. The banking industry in the country was majorly branch-based till 2014. Later, there was a considerable growth in the branch-less channels of banking, which has further explored into digital payments in both rural and urban regions. Indian digital payments industry is expected to reach $700 billion by 2022 in terms of value of transactions.
It is expected that more than 80% of the urban population in India will adopt digital payments as a part of their routine by 2022, and 70% of the retail chains will adopt the same. The reduced transaction charges and the degree of ease of cash transfers associated with the electronic fund transfers and mobile banking will further drive the growth of digital payment systems in India. Also, the Indian Government is bringing positive policy framework such as Goods and Services Tax (GST), financial inclusion, improving digital infrastructure, launching payment systems such as aadhar enabled payments, UPI, and others which are supporting the digital payments industry. In 2016, Indian Government made a significant move, i.e. demonetization, to curb black money circulation within the country and to increase digital payment penetration. It is a phenomenal step made by India towards improving cashless economy, resulting in sharp increase of several digital payment channels in the country.
Market Analysis
According to Infoholic Research, the “Digital Payment Systems Market in India” market will witness a CAGR of 58.90% during the forecast period FY2017–FY2023. The market is segmented by digital payment system types and regions. The digital payment system types include mobile wallets, internet banking, mobile banking, PoS, and others. The regions covered in the report are urban and rural regions; currently, urban region segment holds the major market share followed by rural segment.
Digital Payment System: Mobile Wallets Analysis
Mobile Wallets; India’s mobile wallet ecosystem is yet to be competitive, however major e-commerce and telecom companies are fuelling this industry through business expansion. Also, a strong regulatory support is yet to come into force for the exponential growth of digital payments ecosystem in India.
The changing customer behavior, increasing internet penetration rate, and government policies are fueling the industry which is indirectly supported by the growing demand for P2P payments, e-commerce platforms, utility bill payments, and others. The development of digital infrastructure in India stands out by providing a strong technological ecosystem for the digital payments industry.
Key players
Some of the leading companies covered in the ‘Digital Payment Systems Market in India’ report are Paytm, MobiKwik, PayUmoney, Airtel Money, Vodafone Mpesa, Idea Money, Stank Bank Buddy, HDFC Bank PayZapp, ICICI Bank Pockets, Axis Bank LIME, Freecharge, PhonePe, Samsung Pay, and others
The report gives insights about various modes of electronic fund transfer – Mobile Banking, Digital Payment Methods, Mobile Wallets, Payment Banks, and others.
The study offers a comprehensive analysis of the “Digital Payment Systems market in India”. Bringing out the complete key insights of the industry, the report aims to provide an opportunity for players to understand the latest trends, current market scenario, government initiatives, and technologies related to the market. related to the market. In addition, helps the venture capitalist in understanding the companies better and take informed decisions.

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook
Table of Contents
1 Industry Outlook 10
1.1 Industry Overview 10
1.2 Industry Trends 11
1.3 Pest Analysis 12
2 Report Outline 12
2.1 Report Scope 12
2.2 Report Summary 13
2.3 Research Methodology 14
2.4 Report Assumptions 14
3 Market Outlook 15
3.1 Overview 15
3.2 Market Definition – Infoholic Research 15
3.3 Market Trends 15
3.4 Market Segmentation 16
3.5 Porter (5) Five Forces 17
4 Market Characteristics 18
4.1 Evolution 18
4.2 Ecosystem 19
4.3 Market Dynamics 19
4.3.1 Drivers 20 Rapid expansion of digital technologies 20 To create competitive advantage 20 The evolution in customer behaviour 21 Reduced transaction charges 21 Government initiatives 21
4.3.2 Restraints 21 Lack of payment processing infrastructure 21 Unable to process higher amount of transactions 21
4.3.3 Opportunities 22 India’s Digital Payments Revolution 22 Hidden opportunities in the rural markets through localization 22 Contactless Payments: Wearable Technology 22
4.3.4 DRO-Impact Analysis 23
5 Payment Banks in India 24
5.1 Evolution of Payment Banks 24
5.2 Comparison between Payment Banks and Traditional Banks 24
5.3 Implementation of Payments Banks 25
6 Types of Payment Channel: Outlook 25
6.1 Overview 25
6.2 Digital Channel 26
6.3 Branch Based Channel 27
6.4 Others 27
7 Digital Payment System Types: Market Size & Analysis 28
7.1 Overview 28
7.2 Mobile Banking 29
7.3 Internet Banking 29
7.4 Point of Sale Terminals 29
7.5.1 Overview 31
7.5.2 Credit card Penetration 31
7.5.2 Debit card Penetration 31
7.6 Mobile Wallet 31
7.7 Others 32
8 Mobile Wallets: Market Size & Analysis 33
8.1 Overview 33
8.1.1 Different Types of mobile wallets: 33
8.1.2 Mobile Wallet Service Types 33 Recharges 33 Money transfer 33 Retail Bill Payments 33 Travel Booking 33 Others 33
8.2 Mobile Wallets: Telecom Players 34
8.2.1 Airtel money 34 Overview 34 SWOT Analysis 35 Business focus 35 Business Strategy 36
8.2.2 Vodafone: mPesa 36 Overview 36 SWOT Analysis 36 Business focus 37 Business strategy 37
8.2.3 Idea Money 37 Overview 37 SWOT Analysis 38 Business focus 38 Business Strategy 39
8.3 Mobile Wallets:Banks 39
8.3.1 HDFC Bank: PayZapp 39 Overview 39 SWOT Analysis 39 Business focus 40 Business Strategy 40
8.3.2 ICICI: Bank Pockets 40 Overview 40 SWOT Analysis 41 Business focus 42 Business Strategy 42
8.3.3 Axis Bank: LIME 42 Overview 42 SWOT Analysis 43 Business Focus 43 Business Strategy 44
8.3.4 State Bank Buddy 44 Overview 44 SWOT Analysis 44 Business Focus 45 Business Strategy 45
8.4 E-commerce and Technology Providers 45
8.4.1 Free Charge 45 Overview 45 SWOT Analysis 46 Business focus 47 Business Strategy 47
8.4.2 PhonePe 47 Overview 47 SWOT Analysis 48 Business focus 48 Business Strategy 49
8.4.3 Samsung Pay 49 Overview 49 SWOT Analysis 50 Business Focus 51 Business Strategy 51
8.5 Other Predominate Players 51
8.5.1 PayUmoney 51 Overview 51 SWOT Analysis 52 Business Focus 52 Business Strategy 53
8.5.2 Paytm 53 Overview 53 SWOT Analysis 54 Business Focus 54 Business Strategy 54
8.5.3 MobiKwik 54 Overview 54 SWOT Analysis 55 Business focus 56 Business Strategy 56
9 Regions: Market Size & Analysis 57
9.1 Overview 57
9.2 Urban 57
9.3 Rural 57
10 Competitive Landscape 60
Annexure 61
 Acronyms 61

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Mobile Wallets: Telecom Players
Airtel money, Vodafone: mPesa, Idea Money.
Mobile Wallets: Banks
HDFC Bank: PayZapp, ICICI: Bank Pockets, Axis Bank: LIME, State Bank Buddy.
E-commerce and Technology Providers- Free Charge, PhonePe, Samsung Pay.
Other Players - PayUmoney, Paytm, MobiKwik.
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