- With >30 per cent of unbanked population, Indian payments landscape is a huge market opportunity. This, coupled with an enabling support system, is driving the market.
- A healthy payments ecosystem, with >120 players. Products predominantly categorized under:
- ATM & POS Services: Innoviti, Pine Labs
- Transaction Gateways & Platforms: Direct Pay, CC Avenue
- Online/Mobile Wallets: Paytm, Mobikwik
- Remittance: ItzCash, Mahindra Comviva
- Cash Cards: Transpure Solutions, Oxigen
- Bitcoin: Zebpay, Coinsecure
- New business models coming into play such as mobile wallets, and prepaid cash cards. Mobile wallets expected to become an USD 6 billion opportunity by 2020.
- Funding is gaining momentum, with >USD 1 billion invested since 2015.
- Future holds a strong promise:
- Expected financial inclusion of 200 million population by 2020
- Over 250 million mobile wallets enable a way towards a cashless economy – removal of black money
- More diversification and partnerships – banks will marry more startups
- Maturity and shakeout – large scale integration to acquire scale
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