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 for 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 are calculated, the market will be huge.
Important Elements of Indian Real Time Payment Market
Instead of lining up at a bank or nearby payment offices, customers can make payments from any place sitting anywhere in the world, 24/7/365, which is likely to have a positive effect on the growth of the market in the coming years. Additionally, a shift towards instant fund transfer and ease of reconciliation offered by banks for digital transactions is further anticipated to propel the growth of Real Time Payments in India.
This is further backed by an increasing number of smartphones and demand for the such platform from merchants is anticipated to drive the growth of the market in the next five years. Moreover, advancing modes 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 for Indian Real Time Payment Market
- Historical Year: 2014-2017
- Base Year: 2018
- Estimated: 2019
- Forecast: 2020-2024
The objective of the Study of India Real Time Payment Market
- To analyze and forecast the market size of Real Time Payment, in terms of value and volume (Transaction).
- To classify and forecast India Real Time Payments 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 analyze the profile of leading players involved in the India Real Time Payments system.
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Some of the leading players in the India Real Time Payment Market
- ACI Worldwide
- Capgemini India
- NEC Technologies India Private Limited
- The Clearing House Payments Company, and Montran Corporation (India) Ltd, among others.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of solution providers across India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents also enquired about their competitors. Through this technique, TechSci Research could include the Solution Providers which could not be identified due to the limitations of secondary research. TechSci Research analyzed the service offerings, distribution channels, and presence of all major collaboration Solution Providers across the country.
TechSci Research calculated the market size of India Real Time Payment using a bottom-up approach, where data for various applications across various technology were recorded and forecasted for the future years. TechSci Research sourced these values from industry experts and company representatives and externally validated them by analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as the company website, news articles, press releases, company annual reports, investor presentations, and financial reports were also used by TechSci Research.
Key Target Audience for India Real Time Payment Market
- Payment security solutions 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.
Report Scope of India Real Time Payment Market
In this report, India Real Time Payment Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:
- Market, By Type:
- 24*7*365
- Bank Operating hours
- Market, By Certification:
- ISO Certified
- Non-ISO Certified
- Market, By End-User:
- (Banks & Government)
- Market, by Region:
- North Region
- South Region
- West Region
- East Region