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Nov 2017 - IDC Perspective - Doc # AP43139517

The Future of Payments in India: More Spectacular Growth Ahead

Author: Anuj Agrawal
Senior Research Manager

Abstract

This IDC Financial Insights report provides a snapshot of the payment industry in India, highlighting the key trends in the digital payment space and their impact on the payment industry. This report shows the spectacular growth of noncash, digital payments in the once hard-to-crack market.

"Next-generation payment structures, such as mobile wallets, payments banks, BharatQR, and electronic authentication, have created new forms of digital payment channels and servicing capabilities. The payment industry in India is clearly going through gigantic changes. Over the last few years, the tremendous growth in the digital payment space has elicited a passionate debate across the industry, but one thing is certain, the next several years will see a transformation of how consumers, businesses, and the government move money," says Anuj Agrawal, senior research manager, IDC Financial Insights.

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