There is a massive change from cash to electronic payments for financial and banking purposes. People are more inclined towards this automated mode of payment rather than the traditional way of paying by cash. Payment market in India will increase by USD500 billion in next 5 years. Micro-transactions will structure a substantial portion of the industry with over 50 % of person-to-merchant transactions expected to be under Rs 100. The value of remittances and money transfer that will pass through alternative digital payment instruments will double by 2020.
Global Mobile payment market is appearing as a boon as it lowers the cost, easily accessible to consumers and consumers are becoming more progressive towards online methods of payment. The various key vendors in the "Mobile Money Market" are Vodafone Group Plc, Gemalto, FIS, Google Inc., Mastercard Incorporated, Bharti Airtel Limited, Orange S.A., Monitise Plc, Mahindra Comviva and PayPal. Asia Pacific in future expected to continue to showcase one of the largest platforms for Mobile Money market. Technological advancement in mobile devices, inclining use of non-cash payments are the driving forces in the mobile money market. Additionally, creation of new business avenues for stakeholders, evolving demographic needs across regions, rising use of mobile money services across businesses are aiding in the growth of mobile money market.
Due to perforation of smartphones, consumer’s willingness for using digital payments changes the ways of paying bills. The benefaction of non-cash modes of payments, such as demand drafts, cheques, credit/debit cards, net banking, mobile wallets is expected to increase to 40% by next 5 years. As far as Indian users are concerned, they make digital payments basically for utility bill payments, online shopping and movie ticket purchases. Bill payments industry trend is very popular in emerging economies such as India. Several e-commerce organizations are coming into place for making digital transactions facile, namely: Flipkart, Snapdeal, Amazon, Myntra, Jabong and many more. Similarly, mobile wallet companies are also emerging tremendously such as: Paytm (One97 Communications Ltd), Mobikwik (One Mobikwik Systems Pvt Ltd), Oxigen Services (India) Pvt. Ltd, Citrus Payment Solutions Pvt. Ltd, Freecharge and others. Digital payments demonstrated as fanatic across the users.
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