It also includes segmentation by rural and urban market for bills payment in India, by types of bills paid, penetration of players in online and offline space and segmentation by different source of payment. The report also provides competitive landscape and profile of major players operating in different segments such as mobile bills, DTH, data card and utility bills payment market of India.
The future analysis of overall India bill payment market and by segments has also been discussed in each of the sub segment. The report is useful for existing third party bills payment market players including e-commerce companies, online bill payment platforms, mobile wallets, new startups (payments bank) emerging in the online bills payment space and other stakeholders to align their market centric strategies according to ongoing and expected trends in the future.
India bills payment market has witnessed a growth in recent years on account of rising demand for online methods of bills payment fueled by introduction of new technologies, rising internet and smartphone penetration, geographical penetration and entry of new players.
The growth in bills payment market has been largely led by the various factors such as rising contribution of utility sector, rising personal disposable incomes, rise in online shopping owing to lower prices relative to brick and mortar stores and presence of a large number of online retailers offering payment through debit/credit cards and net banking. India bills payment market transaction volume have grown at a CAGR of 15.5% from FY’2010-FY’2015.
According to the Ken Research report, the India bills payment market will grow at a considerable CAGR rate thus reaching INR 9.4 trillion by FY’2020 with increasing competition and rising surge in number of mobile wallet users and payment apps downloads, rising adoption of cashless payment in tier II and tier III cities and emergence of new payment mechanism such as NFC in future.
“Mobile wallet transaction is among the fastest growing paperless modes, though settlements through this mode were valued at a miniscule INR 1,000 billion in FY’2015. About 50% of the transactions through wallets in FY15 were for remittances and shopping while the rest 50% for mobile bills payment, DTH bills payment, data card bills payment, bill payments and movie / travel ticket purchases.”, according to the Research Analyst, Ken Research.