India Payment Services Market Research Forecast 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
Region:Asia
Product Code:KR683
August 2018
273
About the Report
India payment services market which has traditionally been dominated by cash witnessed advancement towards digital transactions both in terms of value and volume during demonetization phase in India. Regulatory authorities such as the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) play a major role in establishing guidelines for effective working within India's payments landscape. In India, cash still dominates the entire payment landscape in India and is expected to lead the majority share in future.
In India, merchant payments were observed to be the central aspect of all payment services for large enterprises as well as MSMEs, which are increasingly becoming integrated with PoS and mPoS terminal devices. In addition to this, emergence of consumer mobile wallets in India has helped consumers with person-to-person funds transfer, therefore facilitating small value transactions. Surge in growth of electronic payments in India, along with rising E-commerce and M-commerce transactions are further expected to give a boost to numerous entities including payment gateway service providers and payment aggregators that facilitate online payments in the country.
Compared to other payment modes in India, M-wallet service providers have emerged as the most significant contributor in promoting electronic payments in the country owing to the increasing usage of internet and smartphone users in the country. In terms of transaction volume, the semi-loop wallet type established itself as market leader in India m-wallet market and was followed by closed loop wallets in FY'2018. Some of the major companies having semi-closed wallets include Paytm, Mobikwik, Oxigen wallet and others whereas, closed wallet type companies include SBI E-Buddy, HDFC PayZapp and telecom operators such as Airtel Money, Jio Money, Vodafone M-Pesa and others. Social gifting is on the verge of becoming a popular trend among young tech-savvy customer base which could drive money transfer through mobile wallets, especially on festive occasions in near future.
Some of the leading payment gateway companies in India include CC Avenues, Payu Money, EBS, Billdesk and others. India payment gate-way market was majorly driven by demanding factors from consumers such as faster checkout and digital security. Increasing cybercrimes or threats have become a major key factor for payment gateway service providers, as it has affected the company's profitability and revenues. By end users, large enterprises were observed to dominate the Indian payment gateway market owing to a higher penetration in the country's online payment ecosystem in comparison with SMEs. It has been forecasted that the merchant's dashboard would become key focus for market leaders such as failure rate analytics and chargeback dashboards in near future.
PoS terminals were launched as a computerized replacement of cash register where customers can make an online transaction with the help of their debit or credit cards. India PoS terminal market was heavily dependent up on the card acceptance infrastructure consisting of ATMs and PoS terminal devices. In terms of number of device installations, metro cities were witnessed to dominate India PoS terminal market majorly due to higher usage and penetration of debit and credit cards in these cities whereas, non-metro cities were observed to catch up by spreading awareness regarding PoS devices enabled with Aadhaar enabled Payment System (AePS) in rural India. Large retail formats, such as Big Bazaar, Shoppers Stop and other malls were observed to install traditional PoS systems that work on GPRS technology. Introduction of QR code bases system and NFC payment technology is further expected to give a boost to the country's PoS terminal market over long term.
An increasing number of medium sized and large sized merchants were witnessed as early adopters of tablet based mPoS devices. As large number of merchants has already been a part of a wide user base, banks became a suitable partner to reach out to target customers. The market observed a major gap in the demand and supply of mPoS hardware during demonetization phase which resulted in increased number of manufacturers for several mPoS companies. Integrating with sensors, video monitors and cameras which would provide smart advertising to customers based on environment and purchasing trends.
India Payment Services Market
By Desktop Payments and Mobile Payments
By Type of Industry (Financial Services, Retail, Online Travel and Others)
India M-Wallet Market
By Transaction Type (Semi-Closed Loop and Open loop)
By End-User (Consumer and Enterprise)
India Payment Gateway Market
By End-User (Large Enterprises and SMEs)
By Type of Payment Modes (Net Banking, Debit Cards, Credit Cards and Others)
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 Cities and Non-Metro Cities
By End User Industry (Large Enterprises, SMEs and Micro Merchants)
India M-PoS Market
By Number of Terminals (Inactive Terminals and Active Terminals)
By Type of Distribution Channel (Retail Channel and Direct Sales)
Banks and Financial Institutions
Cash Reconciliation Companies
Payment Aggregators
Payment Network Companies
Payment Interface Companies
M-Wallet Companies
Payment Gateway Companies
PoS Terminal Companies
M-PoS Terminal Companies
Historical Period - FY'2013-FY'2018
Forecast Period - FY'2018-FY'2023E
M-Wallet Companies
Paytm
Mobikwik
Freecharge
Oxigen
Telecom Operators (Jio Money, Airtel Money, Idea Money, SBI Buddy and ICICI Pockets)
Others (ITZ Cash, Citrus Pay, PhonePay and other bank wallets)
Payment Gateway Companies
Billdesk
Ingenico
PayU
Others (CC Avenue, ATOM, Razor Pay, PayPal, Instamojo, VPL and MPL)
PoS Terminal Companies
Ingenico ePayments
Verifone India
AGS Transact
PineLabs
PAX Technologies
Ezetap
Itzcash
M-PoS Companies
Ezetap
M-Swipe
Paynear
Mosambee
AGS Transact
Others (Bijlipay and Visiontek)
Executive Summary
Research Methodology
India Payment Services Market
Regulatory Framework in India Payment Services Market
Credit and Debit Card Coverage, FY'2013-FY'2018
Cross Comparison of Different Payment Modes (IMPS, AePS, USSD-BHIM and UPI) in India Payment Services Market
Immediate Payment Service (IMPS) Consumer Payment Landscape
Aadhaar Enabled Payment System (AePS) Consumer Payment Landscape
Unstructured Supplementary Service Data - Bharat Interface for Money (USSD-BHIM) Consumer Payment Landscape
Unified Payments Interface (UPI) Consumer Payment Landscape
India M-Wallet Market
India Payment Gateway Market
India Point of Sale (PoS) Terminal Market
India m-PoS Market
CUG Cards / Prepaid Closed Loop Cards
Cloud / Security Outsourcing in Payments Technology
Products
India Payment Services Market (By Desktop Payments and Mobile Payments, By Type of Industry: Financial Services, Retail, Online Travel and Others), India M-Wallet Market (By Transaction Type: Semi-Closed Loop and Open loop, By End-User: Consumer and Enterprise, India Payment Gateway Market (By End-User: Large Enterprises and SMEs, By Type of Payment Modes: Net Banking, Debit Cards, Credit Cards and Others, 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 Cities and Non-Metro Cities, By End User Industry: Large Enterprises, SMEs and Micro Merchants), India M-PoS Market (By Number of Terminals: Inactive Terminals and Active Terminals, By Type of Distribution Channel: Retail Channel and Direct Sales)
Companies
M-Wallet Companies (Paytm, Mobikwik, Freecharge, Oxigen), Telecom Operators: Jio Money, Airtel Money, Idea Money, SBI Buddy and ICICI Pockets, Others: ITZ Cash, Citrus Pay, PhonePay and other bank wallets), Payment Gateway Companies (Billdesk, Ingenico, PayU and Others: CC Avenue, ATOM, Razor Pay, PayPal, Instamojo, VPL and MPL), PoS Terminal Companies (Ingenico ePayments, Verifone India, AGS Transact, PineLabs, PAX Technologies, Ezetap, Itzcash), M-PoS Companies (Ezetap, M-Swipe, Paynear, Mosambee, AGS Transact and others: Bijlipay and Visiontek)
Table of Contents
1. Executive Summary
India Payment Services Market
Regulatory Impact on India Payment Services Market
Credit and Debit Card Coverage
IMPS (Immediate Payment Service) Consumer Payment Landscape
AePS (Aadhaar Enabled Payment System) Consumer Payment Landscape
Unstructured Supplementary Service Data - Bharat Interface for Money (ussd-bhim) Consumer Payment Landscape
UPI (Unified Payments Interface) Consumer Payment Landscape
India M-Wallet Market
India Payment Gateway Market
India PoS (Point of sale) Terminal Market
India m-PoS (Mobile-Point of Sale) Terminal Market
CUG Cards / Prepaid Closed Loop Cards in India Payment Services Market
Cloud / Security Outsourcing in Payments Technology
2. Research Methodology
2.1. Market Size and Modeling
2.1.1. Market Sizing Approach
2.1.2. Limitations
2.2. India Payment Services Market
2.2.1. Market Definitions
2.3. India mPoS and PoS Market
2.3.1. Market Definitions
2.3.2. Market Research Approach
2.3.3. Limitations
2.4. India M-Wallet Market
2.4.1. Market Definitions
2.4.2. Market Research Approach
2.4.3. Limitations
2.5. India Payment Gateway Market
2.5.1. Market Definitions
2.5.2. Market Research Approach
2.5.3. Limitations
2.6. Other Definitions
2.7. Abbreviations
3. India Payment Services Market
3.1. Introduction to India Payment Services Market
3.2. Government Policy Regarding India Payment Services Market
3.3. Snapshot on India Bill Payment Market
3.4. Private Banks V/S PSUs in India Payments Services Market
3.4.1. By Debit Cards, FY’2018
3.4.2. By Credit Cards, FY’2018
3.5. Major Cards in E-commerce Segment
3.6. Growth of RuPay Cards in India
3.7. Snapshot on India Omni-Channel Payments Processing Market
3.8. Snapshot on India Bank Reconciliation Software Market
3.9. India Payments Services Market Size, FY’2013-FY’2018
3.10. India Payment Services Market Segmentation, FY’2018
3.10.1. By Desktop Payments and Mobile Payments, FY’2018
3.10.2. By Type of Industry (Financial Services, Online Retail, Online Travel and Others), FY’2018
3.11. India Payment Services Market Future Outlook and Projections, FY’2018-FY’2023E
3.11.1. By Desktop and Mobile Payments, FY’2018-FY’2023E
3.11.2. By Type of Industry (Financial Services, Retail, Online Travel and Others), FY’2018-FY’2023E
4. Regulatory Framework in India Payment Services Market
4.1. Role of Government in India Payment Services Market
4.1.1. Overview of Payments and Receipts in Government Ministries / Departments
4.2. Role of Reserve Bank of India (RBI)
4.3. Role of National Payments Corporation of India (NPCI)
4.4. Key Regulations and Policies which have Impacted the Indian Payment Industry in the Past
How Outlook of the Agencies HAS Evolved?
4.5. Impact of KYC Norms on M-Wallets
KYC Requirements for M-Wallets
Localized Data Storage of Transactions and its Impact on Various Players
5. Credit and Debit Card Coverage, FY’2013-FY’2018
5.1. Credit Cards, FY’2013-FY’2018
5.2. Debit Cards, FY’2013-FY’2018
5.3. Proportion of Active Credit and Debit Cards in India, FY’2018
5.4. Number of ATMs and POS Terminals, FY’2013-FY’2018
5.5. Number of Outstanding Cards in India Payment Services Market, FY’2013-FY’2018
6. Cross Comparison of Different Payment Modes (IMPS, AePS, USSD-BHIM and UPI) in India Payment Services Market
7. Immediate Payment Service (IMPS) Consumer Payment Landscape
7.1. Number of IMPS Transactions, 2013-2018
7.2. Number of IMPS Operators / Downloads, 2018
7.2.1. Public Sector Banks, Private Banks and Payment Banks
7.2.2. Regional Rural Banks
7.2.3. Public and Private Institutions
7.2.4. Co-Operative Banks
7.3. IMPS Charges, Timings and Limits, FY’2018
7.4. Working Model of IMPS Payment Landscape in India Payment Services Market
7.5. Government Initiatives to Promote IMPS in India
Popular Uses of IMPS
8. Aadhaar Enabled Payment System (AePS) Consumer Payment Landscape
8.1. Number of AePS Transactions, 2016-2018
8.2. Number of AEPS Operators, FY’2018
8.2.1. Mainline Commercial Banks
8.2.2. Regional Rural Banks
8.2.3. Co-Operative Banks
8.2.4. Payments Banks and Small Finance Banks
8.2.5. Non-Banks
8.3. AEPS Charges, 2018
8.4. Working Model of AEPS Landscape in India
8.5. Government Initiatives to Promote AePS in India
9. Unstructured Supplementary Service Data - Bharat Interface for Money (USSD-BHIM) Consumer Payment Landscape
9.1. Number of USSD-BHIM Transactions
9.2. Number of Operators / Downloads
9.3. USSD-BHIM Charges
9.4. Working Model of USSD-BHIM Landscape in India Payment Services Market
9.5. Government Initiative to Promote USSD-BHIM in India
10. Unified Payments Interface (UPI) Consumer Payment Landscape
10.1. Number of UPI Transactions, 2016-2018
10.2. Number of USSD - BHIM Operators / Downloads, 2018
10.3. UPI Charges
10.4. Working Model of UPI Landscape in India Payment Services Market
10.5. Government Initiatives to Promote UPI in India
11. India M-Wallet Market
11.1. Introduction to India M-Wallet Market
11.2. Value Chain Analysis in India M-Wallet Market
11.2.1. Revenue Generation
11.2.2. Working Process
11.3. India M-Wallet Market Size, FY’13-FY’18
11.4. India M-Wallet Market Segmentation, FY’18
11.4.1. By Transaction Type (Semi Closed Loop and Open Loop), FY’2018
11.4.2. By End User (Consumer and Enterprise), FY’2018
By Consumer Segment Usage Application (Utility Bill Payments, Domestic Money Transfers and Retail Merchant Payments), FY’18
By Enterprise Segment Usage Application (SME’s and Government)
11.5. Trends and Developments in India M-Wallets Market
11.6. Government Regulations in India M-Wallets Market
11.7. Competitive Landscape of Major Players Operating in India M-Wallets Market
11.7.1. Competition Scenario
11.7.2. Market Share of Major Players (Paytm, ITZ Cash, Mobikwik, Citrus Pay, Oxigen, Telecom Operators and Others) Operating in India M-Wallet Market
11.7.3. Company Profiles of Major Players Operating in India M-Wallet Market
One97 Communications (Paytm)
One Mobikwik Systems (MobiKwik)
Other Players (Freecharge and Oxigen Services India) Operating in India M-wallets Market
Telcom operators (Jio Money, Airtel Money, Idea Money, M-Pesa) Operating in Indian Mobile Wallet Market
11.8. India M-Wallet Future Outlook and Projections, FY’2018-FY’2023E
11.8.1. By Transaction Type (Semi Closed Loop and Open Loop), FY’2018-FY’2023E
11.8.2. By End User (Consumer and Enterprise), FY’2018-FY’2023E
By Consumer Segment Usage Applications (Retail Merchant Payments, Domestic Money Transfers and Utility Bill Payments), FY’2018-FY’2023E
By Enterprise Segment Usage Applications (SME’s and Government), FY’2018-FY’2023E
12. India Payment Gateway Market
12.1. Introduction to India Payment Gateway Market
12.2. Working Model for India Payment Gateway Market
12.2.1. Working Process
12.2.2. Payment Gateway Security
12.3. India Payment Gateway Market Size, FY’2013-FY’2018
12.4. India Payment Gateway Market Segmentation, FY’2018
12.4.1. By End User (Large Enterprises and SME’s), FY’2018
12.4.2. By Type of Payment Modes (Net Banking, Debit Cards, Credit Cards and Others), FY’2018
12.4.3. By Type of Transactions (E-Commerce, Financial Services, Utility Bills and Other Online Services), FY’2018
12.5. Trends and Developments in India Payment Gateway Market
12.6. Comparative Landscape in India Payment Gateway Market
12.6.1. Market Share of Major Players Operating in India Payment Gateway Market, FY’2018
Government, FY’2018
E-Commerce, FY’2018
12.6.2. Company Profiles of Major Players Operating in India Payment Gateway Market
PayU Payments Pvt Ltd
BillDesk
Ingenico ePayments
Razor Pay
Paypal Holdings Inc.
Other Players (CC Avenue and Instamojo) Operating in India Payment Gateway Market
12.7. India Payment Gateway Market Future Outlook and Projections, FY’2018-FY’2023E
12.7.1. By End User (Large Enterprises and SMEs), FY’2018-Fy’2023E
12.7.2. By Type of Payment Modes (Net Banking, Debit Cards, Credit Cards and Others), FY’2018-FY’2023E
12.7.3. By Type of Purposes (E-Commerce, Financial Services, Utility Bills and Others), FY’2018-FY’2023E
13. India Point of Sale (PoS) Terminal Market
13.1. Introduction to India Point of Sale (PoS) Terminal Market
13.2. Value Chain Analysis in India PoS Terminal Market
13.3. India PoS Terminal Market Size, FY’2013-FY’2018
13.4. India PoS Terminal Market Segmentation, FY’2018
13.4.1. By Number of Terminals (Active and Inactive Terminals), FY’2018
13.4.2. By Metro and Non-Metro Cities, FY’2018
13.4.3. By End User Industry (Large Enterprises, SME’s and Micro Merchants), FY’2018
13.5. Comparative Landscape in India PoS Terminal Market
13.5.1. Market Share of Major Players Operating in India PoS Terminal Market, FY’2018
13.5.2. Market Share of Top 10 Major Banks (State Bank of India, Axis Bank Ltd, Ratnakar Bank Limited, HDFC Bank Ltd, ICICI Bank Ltd, Corporation Bank, Bank of India, Bank of Baroda, Yes Bank Ltd and Punjab National Bank) Operating in India PoS Terminal Market, FY’2018
13.5.3. Major Players (Ingenico, Verifone, PineLabs, Ezetap, ItzCash and PAX Technologies) Operating in India PoS Terminals Market
13.5.4. Cross Comparison of Major Players (Ingenico, Verifone, PineLabs and Ezetap) Operating in India PoS Terminal Market
13.6. India PoS Terminals Market Future Outlook and Projections, FY’2018-FY’2023E
13.6.1. By Metro and Non-Metro Cities, FY’2018-FY’2023E
13.6.2. By End User Industry (Large Enterprises, SME’s and Micro Merchants), FY’2018-FY’2023E
14. India m-PoS Market
14.1. Introduction to India m-PoS Market
14.2. Value Chain Analysis in India M-PoS Market
14.3. India mPoS Market Size, FY’2013-FY’2018
14.4. India M-PoS Market Segmentation, FY’2018
14.4.1. By Number of Terminals (Active and Inactive), FY’2018
14.4.2. By Type of Distribution Channel (Retail Channel and Direct Sales), FY’2018
14.5. Comparative Landscape in India M-PoS Market
14.5.1. Market Share of Major Players Operating in India M-PoS Market
14.5.2. Company Profiles of Major Players Operating in India M-PoS Market
Ezetap Mobile Solutions Pvt ltd
M-Swipe Technologies Pvt Ltd
Other Players (Payswiff, Mosambee, Bijlipay and Visiontek) Operating in India MPoS Market
14.6. India M-PoS Market Future Outlook and Projections, FY’2018-FY’2023E
14.6.1. By Number of Terminals (Active and Inactive), FY’2018-FY’2023E
14.6.2. By Type of Distribution Channel (Retail Channel and Direct Sales), FY’2018-FY’2023E
15. CUG Cards / Prepaid Closed Loop Cards
15.1. Working Model of CUG Cards in India Payment Services Market
15.2. Number of CUG Cards Issued in India Payment Services Market, CY’2012-CY’2017
15.3. CUG Card Fees and Charges in India Payment Services Market, FY’2018
15.3.1. Gift Card Fees and Charges, FY’2018
15.3.2. Achiever Card Fees and Charges, FY’2018
15.4. Major Uses of CUG Cards
15.4.1. By Issuer, CY’2012-CY’2016
15.4.2. By Operator, CY’2012-CY’2016
16. Cloud / Security Outsourcing in Payments Technology
16.1. Global IOT Security Spending, 2016-2021E
16.2. Cyber Threats in India
16.2.1. Regulatory Landscape of Cyber Security Framework in India
16.2.2. RBI Cyber Security Guidelines for Banks and Financial Institutions
16.3. India Cloud Security Services Market
16.4. India Payment Security Services Market
Disclaimer
Contact Us
Why Buy From Us?
What makes us stand out is that our consultants follows Robust, Refine and Result (RRR) methodology. i.e. Robust for clear definitions, approaches and sanity checking, Refine for differentiating respondents facts and opinions and Result for presenting data with story
We have set a benchmark in the industry by offering our clients with syndicated and customized market research reports featuring coverage of entire market as well as meticulous research and analyst insights.
While we don't replace traditional research, we flip the method upside down. Our dual approach of Top Bottom & Bottom Top ensures quality deliverable by not just verifying company fundamentals but also looking at the sector and macroeconomic factors.
With one step in the future, our research team constantly tries to show you the bigger picture. We help with some of the tough questions you may encounter along the way: How is the industry positioned? Best marketing channel? KPI's of competitors? By aligning every element, we help maximize success.
Our report gives you instant access to the answers and sources that other companies might choose to hide. We elaborate each steps of research methodology we have used and showcase you the sample size to earn your trust.
If you need any support, we are here! We pride ourselves on universe strength, data quality, and quick, friendly, and professional service.