Digital Payment systems Market in India

Indian payments industry is to a great extent commanded with money based exchanges. The financial business in the nation was significantly branch-based till 2014. Afterward, there was an impressive development in the branch-less channels of banking, which has additionally investigated into digital payments in both rustic and urban areas. Indian digital payments industry is required to reach $700 billion by 2022 as far as estimation of exchanges.

It is normal that over 80% of the urban populace in India will receive digital payments as a piece of their everyday practice by 2022 and 70% of the retail chains will embrace the equivalent. The diminished transaction charges and the level of simplicity of money moves related with the electronic store moves and portable financial will further drive the development of digital payments frameworks in India. Additionally, the Indian Government is bringing positive strategy structure, for example, Goods and Services Tax (GST), budgetary incorporation, improving digital foundation, propelling payment frameworks, for example, aadhar empowered payments, UPI, and others which are supporting the digital payments industry. In 2016, Indian Government made a huge move, for example demonetization, to check dark cash course inside the nation and to increment digital payment infiltration. It is a sensational advance made by India towards improving cashless economy, bringing about sharp increment of a few digital payments diverts in the nation.

Analysis:

The “Digital Payment Systems Market in India” market will observe a CAGR of 58.90% during the estimate time frame FY2017–FY2023. The market is fragmented by digital payment framework types and areas. The digital payment framework types incorporate portable wallets, web banking, versatile banking, PoS, and others. The areas shrouded in the report are urban and provincial locales; right now, urban district fragment holds the significant piece of the overall industry pursued by country section.

Digital Payment System

Mobile Wallets; India’s portable wallet biological system is yet to be competitive, anyway real web based business and telecom organizations are fuelling this industry through business development. Likewise, a solid administrative help is yet to come into power for the exponential development of digital payments biological system in India.

The changing client conduct, expanding web entrance rate, and government strategies are energizing the business which is by implication bolstered by the developing interest for P2P payments, E- commerce platforms, service charge payments, and others. The improvement of advanced foundation in India emerges by giving a solid mechanical biological system to 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 bits of knowledge about different methods of electronic reserve move – Mobile Banking, Digital Payment Methods, Mobile Wallets, Payment Banks, and others.

What India can expect further?

With 2019 effectively proceeding, we can predict advanced transactions in India quickening at 70% CAGR through to 2020, adding to the GDP by 15%. Usage of Artificial Intelligence (AI) in the Indian computerized exchange scene will result in more comfort and security, guaranteeing continuous misrepresentation anticipation.

With increasingly more fintech firms breaking new ground through their ground-breaking, front line innovation, India has problematic potential in the fund area, bringing about a record-breaking number of digital transactions as vendors and purchasers both grasp the simplicity of digital payments.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

NPCI to credit online payment to e-comm firms only after product delivery

Payment transactions through Unified Payments Interface (UPI) have witnessed decline for the last two months. After hitting a record high to 799 million transactions in March, UPI witnessed 781 million and 733 million transactions in April and May respectively.

The recent downfall has worried the National Payments Corporation of India (NPCI), which developed an instant real-time payment system three years ago.

NPCI, to drive its growth, is planning to bring non-adapting online users on UPI platform by creating an escrow-like mechanism with e-tailers and marketplaces.

It is reportedly working with Amazon and Flipkart. Under the mechanism, e-tailers will receive payment only after delivery is confirmed by the buyers. The payment at first will be kept in the escrow-like account by UPI. Once the delivery is confirmed it will be credited in e-tailers accounts.

NPCI is planning to launch this mechanism within one and a half months, as per a TOI report.

However, despite a slowdown in volume, the UPI value of transactions has not been affected. In April, as per NPCI data transactions worth Rs 1.53 lakh crore were made, up 7.3% from April.

The move is largely aimed at roping in new online buyers.

As per industry observers, NPCI-move will help drive more adoption of UPI payment. Besides, NPCI is also planning to push for retail investment in IPOs via UPI

At present, about 143 banks are live on UPI.

Among non-banking players like Google Pay, Paytm and PhonePe are top three firms, who have continuously been witnessing reshuffle in terms of the transaction volume as well as value.

Though, in the last three months, the Google-owned payment firm outran its rivals

As per latest figure, Google-owned payments app Google Pay emerged as the largest contributor of NPCI-owned UPI payment, recording 240 million transactions amounting to Rs 55,000 crore in May whereas PhonePe and Paytm registered 230 and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

Google Pay contributed over 32% in overall 733 million UPI transactions that took place last month

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/npci-e-tailers-after-product-delivery/

UPI battlefield: Google Pay beats Paytm and PhonePe at both value and volume

Surpassing all records in terms of UPI transaction volume and Value, Google Pay has dethroned its arch-rivals Paytm and PhonePe to become the largest contributor of NPCI-owned unified payment railroad.

The Google-owned payments app has recorded 240 million transactions amounting to Rs 55,000 crore in May whereas PhonePe and Paytm registered 230 million and 200 million transactions worth Rs 44,000 crore and Rs 38,200 crore respectively.

In the last three months, Google Pay has increased its adoption from 220-230 million monthly transactions to 240 million while PhonePe and Paytm have been gradually losing their marketshare.

In April, PhonePe recorded 258 million transactions, on the other hand, Google Pay and Paytm’s monthly UPI transaction stood between 230 million to 240 million.

Google Pay alone contributed over 32% in overall 733 million UPI transactions happened in May. Combinedly, these top three apps along with government-promoted BHIM count 93% of the UPI transactions market.

This is a big achievement for any offshore company that has achieved a user base of 45 million within 18 months of launch and fighting against incumbents like Alibaba-backed Paytm and Flipkart-owned PhonePe.

Currently, Google Pay is accepted at over 2,000 online merchants such as foodtech, travel, movie or event tickets, including trading, and investments. Besides, the firm has also forayed into wealth management space and collaborated with Pine Labs to boost its offline transaction.

Apart from peer-to-peer transaction, the firm is looking to compete PhonePe in terms of merchant payments that only contribute between 10% and 20% of the overall numbers.

In coming months, WhatsApp may launch its UPI-based payments service – WhatsApp Pay in India. With two overseas behemoths in UPI ecosystem, it would become more difficult for Paytm and PhonePe to compete against them.

wallet

As E Wallet plays a mighty role in today’s business world, Roamsoft developed a digital wallet solution, RPay with mobile friendly features, well documented API s, plug-ins that suits all major Ecommerce platforms.

Source : https://entrackr.com/2019/06/google-pay-paytm-phonepe-upi-transaction-share/