The Indian contactless payment market is anticipated to grow at a CAGR 17.4% during the forecast period. India is transforming into a digital nation with the adoption of internet services in the sectors of automotive, healthcare and manufacturing. With the service sector being the major contributor to the country’s economy, software services are playing a crucial role in the growth of the service sector. According to IBEF (India Brand Equity Foundation), India’s IT industry is growing exponentially with a growth rate of 30% annually.
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India has promising opportunities in the fin-tech sector and the growth is substantially high due to increasing cyber threats in the country. India is considered a potential market for the fintech sector due to the availability of large untapped informal economy and the government is also pushing the investments in the fin-tech sector in order to boost the contactless payment transactions. According to CFA Institute, Paytm had raised $1,400 million and PhonePe funding amount to $500 million in 2017 in India for the development of fintech platforms. 29 startups out of 78 are currently working in fin-tech space in the country.
Reserve Bank of India (RBI) and the Indian Banks’ Association (IBA) launched the National Payment Corporation of India (NPCI) in collaboration for payment and settlement infrastructure. Collaboration has launched BHIM (Bharat Interface for Money), an UPI (United Payments Interface) app for financial transactions. With growing investment in fintech sector, India is estimated to reach a certain level of maturity in the forecast period. The promising growth in fintech sector is supported by rapid technological adoption by Indian consumers. With rapid adoption of fintech in the country, demand for secured contactless payment platforms for financial services is increasing.
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Indian Contactless Payment Market Segmentation
By Device
· Smartphones
· Smart Cards
· Point of Sale Terminals
· Other
By End-User
· Retail
· BFSI
· Transportation
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
