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India Payment Services Market is Expected to Reach Over INR 6,400 Trillion by Transaction Value by the Year Ending 2023: Ken ResearchGURUGRAM, India, September 5, 2018 /PRNewswire/ -- Key Takeaway from Ken Research Report titled, India Payment Services Market Research Forecast to 2023
Government initiatives towards achieving financial inclusion in India have brought the country's citizens under the digital payments landscape. As a result of which, people have started opting for financial services, retail shopping, travel and others via online payment methods and will continue to do the same over long term. In accordance with the Internet and Mobile Association of India (IAMAI), the total number of internet users in India is estimated to reach around 450-465 million over long term. Increasing use of smartphones and other mobile devices will lead to more frequent contact between consumers and merchants, thereby giving driving the demand for mobile payments in near future. (Logo: https://mma.prnewswire.com/media/661352/Ken_Research_Logo.jpg ) Entrance of E-commerce giants for instance, Flipkart, Amazon, Snapdeal, E-bay and others have given a boost to online shopping in India, thereby providing people with ease in buying products, variety of options and convenient payment methods including m-wallets to make an online purchase. M-wallet services in India are gradually replacing physical cash transactions into digital cash transactions, as consumers are increasingly turning away from cash and card. Besides all these advancements, cash mode is still expected to dominate the entire payment landscape in India. Analysts at Ken Research in their latest publication "India Payment Services Market Research Forecast to 2023 - By Online Payments, M-PoS, IMPS, AePS, USSD-BHIM Transactions, UPI, M-Wallet, PoS Terminal, Payment Gateways, CUG Cards and Payment Security Segment " believe that rising digital cash backs, expanding the scope of M-wallet applications towards inline and invisible payments, faster check-out process, consumer shift towards cloud based servers and increasing penetration of debit cards and credit cards will create a positive in India payment services market. The market is expected to register a positive CAGR of 17.6% in terms of transaction value and 24.2% in terms of transaction volume during the forecast period FY'2018-FY'2023E. The market is further expected to be driven by the growing E-commerce industry, availability of 3G/4G network, increasing mobile phone penetration and government push towards financial inclusion. Keywords
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For more information on the research report, refer to below link: Related Reports The report provides a comprehensive analysis of India ATM Managed Services market introduction and genesis, market size by revenue, market ecosystem, value chain analysis. The report covers snapshot on India ATM Cash Management Services market, decision making process for India ATM Management Services Market and tender process applicable. The report provides a competitive landscape of major ATM Managed Services players including Hitachi Payments, AGS Transact, Diebold Systems, Euronet, EPS, Tata Communications Payment Solution, FIS, FSS, Mphasis Payment Managed Services, NCR, and CMS. Companies which are covered in ATM Cash Management practice include CMS InfoSystem, SIS Prosegur, Brink's Arya, Writer Safeguard, Securevalue, Logicash and Radiant Cash. The report provides a comprehensive analysis of India ATM Cash Management Services market introduction and genesis, market size by revenue and working model. The report provides competitive landscape of major players in India Cash Management Services market such as CMS Info System, SIS Prosegur, Brink's Arya, Writer Safeguard, Securevalue, Logicash and Radiant Cash. The report also covers future projections. The report provides a comprehensive analysis of the various aspects such as market size, segmentation, trends and developments, government regulations, and future projections of the domestic remittances, remittance through business correspondents, M-wallets and bill payments as key segments of the market. The report provides the market share of the major players in business correspondent and bill payment market and competitive landscape of the key players in all three major segments. Contact Us: SOURCE Ken Research 
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