With the modernization of payment methods that has been going around, online payment industry has become an integral part of our daily lives. No matter how the big or small the transaction is, everyone has been displaying their dependency on the various modes of online payments. Moreover, the easy availability of internet in the recent times and the use of mobile phones globally has increased the user base of e-payment subscribers.
Smartphone penetration, increasing consumer awareness about digital payments, preference for hassle free and quick transactions and secured payment solutions are driving the growth of the e-payment solutions market in India. The use of credit card payments has reduced considerably and the market share of the prepaid payment instrument has increased. There has been a general shift in the preference for payment methods from cards or cash to digital platforms.
Smartphone penetration, increasing consumer awareness about digital payments, preference for hassle free and quick transactions and secured payment solutions are driving the growth of the e-payment solutions market in India. The use of credit card payments has reduced considerably and the market share of the prepaid payment instrument has increased. There has been a general shift in the preference for payment methods from cards or cash to digital platforms.
 |
|
E-Payment Solutions Market In India
|
With the rise in e-commerce and the craze of online shopping, the e-payment solutions have been gaining mass popularity. Since many e-commerce websites offer discounts or cashbacks on online payments, consumers are becoming more inclined towards digital money transaction platforms. The demonetization in India also lead to the adoption of digital transactions among users. Technology has also been driving the sector with the increasing number of e-wallets and m-wallets.
The e-payment solutions market is slowly but steadily gaining momentum in India. Most of the consumers prefer digital payment platforms over other non-cash payments like cheques or demand drafts. Online shopping, payment of household utility bills or booking movie tickets are some of the main sectors in which Indians pay through a digital platform.
The e-payment solutions market is currently going through a tremendous transformation. India has evolved from being primarily dominated by cash-based transaction to become more inclined towards the digital payment options. The market is expected to keep growing at a steady pace with mire support from the government and innovation, efficiency and safety from the market players.
The e-payment solutions market is slowly but steadily gaining momentum in India. Most of the consumers prefer digital payment platforms over other non-cash payments like cheques or demand drafts. Online shopping, payment of household utility bills or booking movie tickets are some of the main sectors in which Indians pay through a digital platform.
The e-payment solutions market is currently going through a tremendous transformation. India has evolved from being primarily dominated by cash-based transaction to become more inclined towards the digital payment options. The market is expected to keep growing at a steady pace with mire support from the government and innovation, efficiency and safety from the market players.
No comments:
Post a Comment