Surviving into the digital payment business is not everyone's cup of Tea
By MYBRANDBOOK
The exponential growth of the digital payment sector is driven by multiple factors including convenience to pay, the ever-growing smartphone penetration has influenced in increasing the consumer readiness to the digital payment platform.
Digital payments started to pick up pace with the growth of e-commerce companies followed by emergence of digital wallet companies. The next few years will witness a whole new way of how money is moved in the Indian economy. The digital payment industry growth will be led by the digital/mobile wallets.
The digital payment industry is gaining traction and is expected to grow at an exponential rate. Online shopping, payment of utility bills (like electricity, mobile bills, water bills, etc.) and movie tickets are the three things that an Indian user primarily pays for through digital platform.
As per a report from Google and Boston Consulting Group (BCG), the Indian digital payments industry is estimated to touch $500 billion by 2020, contributing 15 per cent to the country’s GDP. To complement the growth, there are 15 million people in India who own credit cards. But people who can have credit cards in India are close to 300 million. The opportunity for the firm’s growth for the credit business will come from this untapped segment.
Digital payments space in India has turned hyper-competitive with Paytm, PhonePe, and Google Pay battling out for a larger market share. Both Paytm and PhonePe have been eyeing to corner billion USD plus rounds. Whereas, MobiKwik is finding it hard to raise a large round, it would be interesting to see how it remains a sizeable player in the overall ecosystem.
This is a hyper-competitive space starts to gain confidence from the consumers, industry experts says that, one cannot make money in the space is not entirely correct and the challenging the notion that the payments business is commercially tough.
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