As the payments industry evolves and accelerates, growth in mobile and electronic payments is generating a lot of interest. With an expectation of significant uptick in volume and value in the years to come, the market remains attractive for diverse entities in the payments eco-system.
E-Commerce & m-Commerce is an important constituent of electronic and mobile payments, and digital wallets leads in mindshare amongst market players. The progress made by leaders in online payments such as PayPal, and the low entry barrier has resulted in the proliferation of new launches
In this scenario, there is an imperative business case for banks to pursue this market. In absence of this, the banks face an imminent threat of becoming obsolete in the near future.