Digital Payment Industry In India

reogma|Digital Payment Industry In India

Indian digital Payment industry is expected to grow at CAGR of 37.73% to reach almost $1 trillion in 2023 from $ 200 billion in 2018 in terms of value of transactions. The digital payment system types include mobile wallets, internet banking, mobile banking, PoS, and others

  • Definition / Scope
  • Market Overview
  • Market Risks
  • Top Market Opportunities
  • Market Drivers
  • Market Restraints
  • Industry Challenges
  • Technology Trends
  • Pricing Trends
  • Regulatory Trends
  • Market Size and Forecast
  • Market Outlook
  • Technology Roadmap
  • Distribution Chain Analysis
  • Competitive Landscape
  • Competitive Factors
  • Key Market Players
  • Strategic Conclusion
  • References

Definition / Scope

Digital Payment is the process of payment through digital modes. In digital payments both the payee as well as the payer using digital modes in order to receive as well as to send money.

The complete transaction is carried out online. There are several advantages to the adoption of digital payment across multiple sectors. For example factors such as the time efficiency, ability of banking at any time, capability to keep track of the payments being made (payment history) as well as ease of expense control.

The most common form of digital payment method is found on all e-commerce websites. You can pay on these platforms using any of the methods such as Debit card, credit card, net banking, or payment wallet.

A payment gateway is used to interface your bank account with the merchant's bank account. After the transaction, you receive an SMS confirming the status. Swiping your credit/debit card on the swipe machine is also a form of digital payment.

UPI or Unified payments interface is a real-time payment system initiated by the govt. of India, which is used to make fund transfers through a mobile app. You can transfer funds between two accounts using any UPI compatible apps such as GooglePay, BHIM, SBI UPI, HDFC UPI, iMobile, PhonePe.

You will have to register for mobile banking to use UPI apps. Using UPI, you can transfer using the phone number or QR code. AEPS stands for Aadhaar Enabled Payment Service. Customer needs only his or her Aadhaar number to pay to any merchant.

AEPS allows the bank to bank transactions. USSD is also a lesser-known form of digital payment where you do not need to have a smartphone or internet connection. You can dial *99# and pay using mobile services.

reogma|Digital Payment Industry In India


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Indian digital Payment industry is expected to grow at CAGR of 37.73% to reach almost $1 trillion in 2023 from $ 200 billion in 2018 in terms of value of transactions. The digital payment system types include mobile wallets, internet banking, mobile banking, PoS, and others Definition / Scope Market […]
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