E-Payment Solutions is set to become one of the most promising sectors in the near future due to increasing consumer spending and different modes of payment rapidly gaining popularity. Foreign players are also showing growing interest in the Indian market, with plans of launching faster and easier payment solutions. As of 2009, India had approximately 32 mn graduates and 2.4 mn post graduates and in order to leverage their skills, a number of foreign banks have shifted their back office operations to India. Rise in electronification will further boost the market and consumers across all categories will readily look for ease of payment options.
The report begins with the market overview section depicting the size and growth figures of the total payments market in India along with the segmentation of electronic transactions in the retail industry on the basis of types of e-payment solutions. It further elaborates the various modes of e- payment. It also gives an insight into method of operation of the card system in India.
An analysis of the drivers further highlights the factors contributing to the growth of the market including growth in e-commerce, saving cost on printing notes, increasing internet penetration and PC users and ease of transaction. The key challenges identified encompass secure payment concern and lack of awareness & low service quality. Key trends in the market have also been analyzed including increasing use by the government, mobiles emerging as an important channel for payments and e-payments becoming a preferred mode of payment.
The competition section provides an overview of the competitive landscape of the market. It includes a brief corporate description of the major players in the market along with their offered facilities and pricing strategies. Key developments section has also been added which highlights the latest developments in the sector over a period of one year.
