India Real Time Payment Market is projected to witness robust growth by 2024, owing to increasing online payments and digital transactions in the country. Growing consumer preference of digital payments that are fast, secure and reliable as compared to other modes of payment are expected to drive the growth of the Real Time Payment market in India during the forecast period. Moreover, if value and volume in terms of transactions is calculated, the market will be huge. Instead of lining up at a bank or nearby payment offices, customers can make payments from anyplace sitting anywhere in the world, 24/7/365, which is likely to have a positive effect on the growth of market in coming years. Additionally, shift towards instant fund transfer and ease of reconciliation offered by banks for digital transaction is further anticipated to propel the growth of Real Time Payments in India. This is further backed by increasing number of smartphones and demand for such platform from merchants is anticipated to drive the growth of the market in the next five years. Moreover, with advancing mode of digital payment like Near-Field Communication (NFC Based Payments) & Wearables device-based payments coupled with support from FinTech companies will ensure robust growth of the market during the forecast period.
Years considered for this report
Historical Year 2014-2017
Base Year 2018
Estimated 2019
Forecast 2020-2024
Objective of the Study
- To analyse and forecast the market size of
Real Time Payment, in terms of value and volume (Transaction).
- To classify and forecast India Real Time
Payment based on type, certification, end-user and regional distribution.
- To identify drivers and challenges for India
Real Time Payment.
- To examine competitive developments such as
expansions, new product/service launches, mergers & acquisitions,
etc., in India Real Time Payment.
- To identify and analyse the profile of leading
players involved in the of India Real Time Payment system.
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Some of the leading players in the India Real Time Payment Market are ACI Worldwide, Capgemini India, NEC Technologies India Private Limited, The Clearing House Payments Company, Montran corporation (India) Ltd, among others.
MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of solution providers across India. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the Solution Providers which could not be identified due to the limitations of secondary research. MIR analysed the service offerings, distribution channels and presence of all major collaboration Solution Providers across the country.
MIR calculated the market size of India Real Time Payment using a bottom-up approach, where data for various application across various technology were recorded and forecast for the future years. MIR sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by MIR.
Key Target Audience
- Payment
security solution and service providers
- FinTech
Companies
- Financial
Service Companies
- End Users
- Research
organizations and consulting companies.
- Industry
associations
The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
