India is racing ahead with its mobile phone subscriptions. It is the second largest smartphone market in the world. Given the rapid growth in mobile phone penetration, it is a logical step forward to ensure payments are done via connected devices. There is a surge in payment platforms in the country. Is this growth sustainable? Learn more in this visual presentation.
Are Payment Platforms
Poised for Growth in India?
Traditional cash based transactions have long been replaced by debit and credit
card payments in the western world. In India, there are over 600 million debit cards
and ~23 million credit cards in use. But these are now being disrupted with a new
wave of payment alternatives.
a. e-commerce portal enabled native platforms
b. Bank enabled platforms
c. Mobile wallets
d. Payment banks
Factors leading to a surge in Payment Platforms
Pairing with revolutionary technology such as Near Field
Communication (NFC) led payment transfers…
From the merchant’s point of view – Lower
revenue leakage owing to lower drop-off..
Complements the hyper-local, context-aware
Works as an alternative to the rather
cumbersome mobile banking
options available currently.
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