Learn the basics of digital payment.
Digitalize your business.
Get overpayment resistance Give customers instant access to their money Key Topics Covered
- 1.1. Research Methodology
- 1.2. Research Scope & Assumptions
- 1.3. List of Data Sources
- 1.4. List of Abbreviations
- 1.5. List of Assumptions
- 2. Executive Summary
- 3. India Digital Payment Market Outlook
- 4. Increasing Share of Digital Payments in E-Commerce
- 4.1. Payment Transaction Value (PTV) in India E-Commerce
- 4.2. Value Payment Transaction Value (VPTV) in India E-Commerce
- 4.3. Digital Transaction Share in E-Commerce
- 4.4. Value Payment Transaction Value in BFSI (Banking, Financial Services and Insurance)
- 4.5. Value Payment Transaction Value in Travel and Tourism
- 4.6. Value Payment Transaction Value in Automotive and Health & Fitness
- 4.7. Value Payment Transaction Value in Others
Choose the right payment method for you
get high I commerce market share India infuse high data capture in any digital payment Increasing adoption of digital payments in India Faster adoption of digital payment is currently increasing at high pace Internet users in India are still an important part of the Indian payment landscape in INDIA You can test different online payment methods from HDFC, Paytm, Freecharge, etc.
for INDIA Key Payment Strategies to Gain Top Position in Digital Payment Market According to research conducted by Tata Communications and Decision & Analytics (DA), mobile phones are the most common mode of online payment in India,
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followed by desktop and m-wallets. The research indicates that close to 52.3% of Indians use a mobile phone or a tablet as a payment device, while 31.
Mobile wallets
According to the latest PayPal India Trends Report, India was the third-largest market for PayPal in the Asia-Pacific region (1%). Driven by multiple factors, this growth is being fueled by a trend of millennials and Gen Z in India seeking a convenient and easy digital payment method for almost every transaction.
For instance, Paytm, a leading digital wallet in India has seen over 130 million users across India and 9 in 10 of them are using it as their only payment method. Mobile wallets are one of the most convenient payment solutions in India.
A report by MobileNation stated that over 70% of transactions in India were conducted through mobile wallets in 2017.
E-wallets
Wallets Digital wallets are digital payment systems that allow users to store money on a virtual wallet and use it as a method of payment on third-party online and offline establishments. Users can make their payments without having to enter their credit or debit card details.
This type of payment method is used to bypass the need for a cash transaction and reduce the costs associated with the transacting process. E-wallets are mainly used for quick and easy payments, but there are other additional functionalities.
These functionalities include options for online transactions, spending limits, message alerts and many more. However, the transaction limits are generally higher than the conventional methods of payment.
Cards
Card-based payments have declined steadily over the past year. However, growth in the prepaid card segment has offset this decline. The top prepaid card brands in the prepaid segment include India’s largest bank by market share State Bank of India’s Yuva and Airtel Money prepaid cards.
According to Visa, the country’s top five prepaid card brands (in terms of volumes) in FY18 were: State Bank of India’s Yuva (₹82.2 billion) Max (₹38.5 billion) ICICI Prepaid (₹37.4 billion) Masterpass (₹30.5 billion) Amazon Pay (₹27.1 billion) Mobile wallets The volume of mobile wallets grew more than fivefold (163%) over the past year to reach nearly 0.5 billion mobile wallet transactions.
Debit cards
credit cards cash mobile wallets recharge cards rewards cards ATM cards net banking Alipay, Google Tez and other fintech companies, have used these channels to launch new digital wallet companies.
“India is on a digital evolution journey and we are ready to lead it. It is still a little behind, in some ways but we are all excited about being able to make it happen”, said Amit Sinha, COO of Paytm in the statement. The statement continued, “We already have more than 100 million customers.
We have partnered with 35+ banks. We’ve partnered with leading digital wallets on our platform. We’ve built a world-class infrastructure that is secure, trusted and non-custodial. We have also built a merchant base of 2.5 million merchants.
Credit cards
Visa / MasterCard eCommerce Platforms E-Wallets and their affiliate networks increase customer spend and footfall address mobile payments gap by creating several acceptance options including smartphone, web, Point of Sale (POS) devices, maps, and others.
Emphasis on enabling merchants to accept all payment methods and facilitate their merchant validation concerning customer purchase, including address verification, phone number, email, and address.
Building of a Common QR Code template by Merchant Domain (IDV, SBI, Citibank) and the collaboration of e-commerce platforms to build a common merchant QR code standard.
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Consider the cost of service fees and other factors that can affect your decision about which type of card to use
Understanding the payments landscape in India will help you make a successful and profitable decision about which payment method is best for your business Join me next month for an inside look at how eCommerce businesses can take advantage of India’s 1.2 billion consumers. “> Digital payments have become a dominant part of India’s economy.
This chart shows how digital payments have increased over the last decade: However, less than a third of the population of India has a bank account. So how can digital payments grow as a portion of the total economy?
In this article, we’ll look at how businesses in India are earning more revenue from digital payments. 1. Start by getting your card reader. Most of the startups that sell cards readers in India have been sold out to large businesses.
Migrate to cashless transactions
AI or ML, won’t solve the digital payment problem Why digital payment adoption can slow down in India Organizations adopting digital payment in India for more information
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