Majority of transactions in India in 2013 were processed online
Payments through electronic medium are rising up in their numbers, people no longer walk to a bank to get their monthly incomes; nor do they go to the bill paying centers to pay up their dues. Most of the financial transactions are carried on using technology. Credit and debit card payment system is the striking examples that come to our minds this moment. Carrying liquid money is more of a demerit that otherwise as one faces risks of robberies or even overspending which might be equally disastrous. Often it happens that a sum allotted for a purpose in a planned budget is spent towards some other activity creating problems. Such mismanagements of finances have come down in their occurrences and a chunk credit goes to the digital payment industry.
Digital Payment Industry- Taking over:
The practice of paying money using the digital payment medium is largely being followed in all countries of the globe. Therefore, the is growing by many bounds with every passing financial annual. The industry globally is estimated to touch and likely to surpass a whopping $20 billion mark by the end of 2014. This figure is projected to be a 40% hiking one compared to the last year’s number.
Though all industries in the business world utilize this mode of transaction; there are a few listed ones which rise up as the major industries using it. Online travel booking industry, e-tailing which is a term used to address the electronic retailing industry and the financial sector book the top spots for industries using the digital payment medium the most. These industries use different modes of digital paying methods and on a regular basis and thus standout in the race.
Global Financial Players watching the space closely:
The online travel booking industry flags the first place among all its stiff competitors, the industry includes booking for all transportation modes such as railways, airways and even a road trip; it also includes bookings for accommodations along with payments for package tours which are planned trips organized by tourist companies. The sector is closely followed by the financial industry that includes a buzzing banking segment and the online mobile recharge division along with the DIRECT TO HOME (DTH) services and various online payment activities like electricity bills, gas bills, online tax filing system etc.
Payment Composition and their growths:
This industry according to a market research is also helped by the activities people indulge on the Internet. There are instances where netizens download songs, videos, movies and eBooks. There are also job portal websites, online shopping portals contributing a sizable number to the business. Their contribution account to 2 to 4% of the total industry and this number is forecasted to rise up in the future years.
Taking into account the Indian industry for digital payments; the sector is looking better with the passage of time. Going by the reports submitted by the Payment Council of India (PCI) the industry is growing with a CAGR of 10% on a year on year basis. As per the figures recorded till December 2013, the industry was pegged at a bow rising 85,800 crores INR.
Debit card payments take the lead in the case of India as 32% of the payments were made through it and its counterpart credit card achieved a usage of 21%. Of the total 800 million online transactions in the country around 53% were made using the credit or debit cards.
Payments through electronic medium are rising up in their numbers, people no longer walk to a bank to get their monthly incomes; nor do they go to the bill paying centers to pay up their dues. Most of the financial transactions are carried on using technology. Credit and debit card payment system is the striking examples that come to our minds this moment. Carrying liquid money is more of a demerit that otherwise as one faces risks of robberies or even overspending which might be equally disastrous. Often it happens that a sum allotted for a purpose in a planned budget is spent towards some other activity creating problems. Such mismanagements of finances have come down in their occurrences and a chunk credit goes to the digital payment industry.
Digital Payment Industry- Taking over:
The practice of paying money using the digital payment medium is largely being followed in all countries of the globe. Therefore, the is growing by many bounds with every passing financial annual. The industry globally is estimated to touch and likely to surpass a whopping $20 billion mark by the end of 2014. This figure is projected to be a 40% hiking one compared to the last year’s number.
Though all industries in the business world utilize this mode of transaction; there are a few listed ones which rise up as the major industries using it. Online travel booking industry, e-tailing which is a term used to address the electronic retailing industry and the financial sector book the top spots for industries using the digital payment medium the most. These industries use different modes of digital paying methods and on a regular basis and thus standout in the race.
Global Financial Players watching the space closely:
The online travel booking industry flags the first place among all its stiff competitors, the industry includes booking for all transportation modes such as railways, airways and even a road trip; it also includes bookings for accommodations along with payments for package tours which are planned trips organized by tourist companies. The sector is closely followed by the financial industry that includes a buzzing banking segment and the online mobile recharge division along with the DIRECT TO HOME (DTH) services and various online payment activities like electricity bills, gas bills, online tax filing system etc.
Payment Composition and their growths:
This industry according to a market research is also helped by the activities people indulge on the Internet. There are instances where netizens download songs, videos, movies and eBooks. There are also job portal websites, online shopping portals contributing a sizable number to the business. Their contribution account to 2 to 4% of the total industry and this number is forecasted to rise up in the future years.
Taking into account the Indian industry for digital payments; the sector is looking better with the passage of time. Going by the reports submitted by the Payment Council of India (PCI) the industry is growing with a CAGR of 10% on a year on year basis. As per the figures recorded till December 2013, the industry was pegged at a bow rising 85,800 crores INR.
Debit card payments take the lead in the case of India as 32% of the payments were made through it and its counterpart credit card achieved a usage of 21%. Of the total 800 million online transactions in the country around 53% were made using the credit or debit cards.