Payments in India 2017: What Consumers Want
- October 2017
- Financial Services
- 46 pages
"Payments in India 2017: What Consumers Want", report examines the consumer payments market in India, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
The second-largest consumer market globally, India remains a cash-driven economy. Cash accounts for 96.8% of total payment transaction volume. This is due to a lack of adequate banking infrastructure, limited awareness of electronic payments, and low acceptance at retailers. The share of cash is anticipated to fall gradually over the forecast period (2017-2021) as a result of initiatives by the central bank such as measures to tackle black money, a cut in interchange fees, and the appointment of banking correspondents in rural areas to increase financial awareness. The emergence of contactless technology is also anticipated to support payment card market growth. The main factors that will play a significant role in the process will be the rise of smartphone penetration, increasing access to the internet, and the development of a digital payments infrastructure.
The report includes -
- Analyzes consumer attitudes to financial services by lifestage.
- Analyzes the major payment card types in terms of both card holding and usage.
- Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
- Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in India are deploying these tools to meet customer needs.
- Explores the online payment market in India by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
- Banks in India are migrating from magnetic stripe to chip and PIN to make debit cards more secure.
- RuPay was launched in March 2012 by the National Payments Corporation of India (NPCI) as an alternative to the international card schemes.
- To provide a single platform for all online transactions, NPCI developed an online payment solution, the Unified Payments Interface, which became operational in August 2016.
Reasons to buy
- Understand the key facts and figures in the consumer payments market in India.
- Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
- Find out what products the major competitors are launching in the market.
- Discover consumer sentiments towards various payment tools in the Indian market and use this knowledge to inform product design.
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