AP NEWS
Press release content from Business Wire. The AP news staff was not involved in its creation.
PRESS RELEASE: Paid content from Business Wire
Press release content from Business Wire. The AP news staff was not involved in its creation.

India Cards & Payments Market 2019: Opportunities & Risks for the Period 2015-2023 - ResearchAndMarkets.com

November 21, 2019

DUBLIN--(BUSINESS WIRE)--Nov 21, 2019--

The “India Cards & Payments: Opportunities and Risks to 2023” company profile has been added to ResearchAndMarkets.com’s offering.

This report provides detailed analysis of market trends in the Indian cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2015-19e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country’s competitive landscape, including market shares of issuers and schemes.

The report provides top-level market analysis, information and insights into the Indian cards and payments industry, including:

Key Highlights

The Indian government is promoting digital and card-based payments in the country. In March 2019 it launched the One Nation One Card. The card is National Common Mobility Card-compliant, allowing users to make transport payments for metro, bus, and train journeys across the country. The card is supported by RuPay, enabling holders to use it for card payments and ATM withdrawals. Banks can issue it to customers as a debit, prepaid, or credit card. To promote usage, the government is providing various offers such as cashback on bill payments and cashback on usage outside India. Brihanmumbai Electricity Supply and Transport will implement the One Nation One Card system on its buses in Mumbai from November 2019 in a pilot phase, with complete rollout scheduled for 2020.

To bring remote rural areas into the mainstream banking arena, the government launched India Post Payments Bank (IPPB) on September 1, 2018. Like traditional banks, it enables individuals to conduct financial services including opening a current or savings account, fund transfers, utility bill payments, and merchant payments. Users can also receive direct government benefits including subsidies as well as wages. The government has launched a total of 650 IPPB branches and 3,250 access points nationwide, with one branch in each district. In addition, IPPB provides door-to-door banking services through more than 11,000 postmen. And the IPPB app allows users to manage their account and pay electricity bills, phone bills, and college fees. To further expand its product portfolio the IPPB is planning to convert into a small finance bank, which will enable it to offer credit loans. As of December 2018, 1.9 million accounts had been opened since its pilot launch in January 2017.

To encourage digital payment acceptance among merchants, the government is mulling guidelines for cost-effective payment solutions. During the Union Budget 2019 presentation, the government announced a merchant discount rate waiver on payments made via Bharat Interface for Money (BHIM), UPI, UPI QR Code, Aadhaar Pay, certain debit cards, National Electronic Funds Transfer (NEFT), and the Real-Time Gross Settlement (RTGS) system. Further guidelines are still awaited from the government prior to implementation.

Reasons to Buy

Key Topics Covered

Companies Mentioned

For more information about this company profile visit https://www.researchandmarkets.com/r/ogus39

View source version on businesswire.com:https://www.businesswire.com/news/home/20191121005864/en/

CONTACT: ResearchAndMarkets.com

Laura Wood, Senior Press Manager

press@researchandmarkets.com

For E.S.T Office Hours Call 1-917-300-0470

For U.S./CAN Toll Free Call 1-800-526-8630

For GMT Office Hours Call +353-1-416-8900

KEYWORD: INDIA ASIA PACIFIC

INDUSTRY KEYWORD: BANKING PROFESSIONAL SERVICES

SOURCE: Research and Markets

Copyright Business Wire 2019.

PUB: 11/21/2019 01:38 PM/DISC: 11/21/2019 01:38 PM

http://www.businesswire.com/news/home/20191121005864/en