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Nov 2017 - IDC Perspective - Doc # AP43139517

The Future of Payments in India: More Spectacular Growth Ahead

By: Anuj AgrawalSenior Research Manager

Table of Contents

Executive Snapshot

Figure: Executive Snapshot: The Future of Payments in India

Situation Overview

Nonfinancial Drivers

Government Initiatives to Make India Digital

Increase in Banking Population

Figure: Number of PMJDY Accounts

Increased Internet Penetration Helped in Improving Connectivity

Rise of Internet of Things (IoT) and Blockchain

Financial Drivers

Payment Using Point of Sale Gaining Popularity

Figure: Percentage of Transaction Volume at ATM versus POS

Figure: Number of POS versus ATMs

Increase in Mobile Banking Usage

Figure: Number of Mobile Banking Transactions

Table: Mobile Banking Transactions

Increased Usage of Electronic Mode of Payments

Figure: Number of Retail Electronic Transactions

Table: Retail Electronic Transactions

Introduction of Unified Payment Interface (UPI)

Figure: Number of UPI Transactions

Rise in Adoption of Prepaid Payment Instruments (PPIs)

Figure: Number of PPI Transactions

BharatQR Can Change the Face of Payments in India

Overall, Positive Trends

Figure: Percentage Volume by Payment Instruments

Advice for the Technology Buyer

Adapt Your Infrastructure to Offer Omni-Channel Experience

Figure: Percentage of Transaction Volume at ATM versus POS

Near Field Communications (NFC) to Boost Digital Payments But Will Have Limited Takers Unless Segmented Correctly

Make Your Infrastructure Biometric-Ready

Innovate in the Payment Space with IoT and Blockchain

Time to Collaborate with Mobile Wallet Providers

One App for All — Integrate All Payment Features into a Single App

Leverage Payments Banks

Work with Nonconventional Fintech Companies and Other Third-Party Players

Learn More

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