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In India, 60.0% of total online payments were made from top metropolitan cities such as Delhi, Mumbai, Kolkata and Chennai in FY’2014. Additionally, cities such as Bangalore, Hyderabad, Ahmedabad and Pune accounted for 25.0% of total online payments made in FY’2014. The M-Wallet market in India is segmented by open loop, closed loop and semi-closed mobile wallets. Mobile wallets in the country presently can be issued by banks or non-bank entities which have been certified by the RBI. Wallets issued by the banks provide higher benefits such as a higher fund transfer limit and cash withdrawals through ATM. Semi-closed loop is a prepaid wallet offered primarily by the non-bank entities as licensed prepaid instrument issuers. The cash-out or cash withdrawal facility is not allowed in this model. M-POS system in India has been a relatively new concept originated few years back. The M-POS technology which allows customer transaction to be carried out by a portable mobile device has made a significant impact on the Indian market in a short duration. The impact of M-POS in India has majorly resulted due to the flexibility and high functionality that the system offers. The bill payment market structure in India is complex and diverse and comprises of a large number of national, regional, private and state owned entities. In the bills paid through the electronic payments infrastructure, bank account funding has the largest share followed by cards and the ECS (Electronic Clearing Service). A large proportion of the bill payments in the country are done at the biller’s location by walk-in customers. As a result, there lies a huge opportunity for an efficient bill payment system which can meet the demand for payments towards various bills such as insurance premium, utility payments, taxes, school fees and others. A payment gateway tool authenticates online transactions by providing verification steps between various parties and related banks. It is basically an encrypted channel through which transaction must pass from in order to verify the credentials of the user. India has become a rising hub of technology with more and more number of industries moving to internet based processes. Businesses such as ecommerce, fund transfers, loan management and others have been establishing an online presence to reach a wider range of customers. This trend has been aggregated by the rapid advancement in technology in the country increasing business opportunities for entrepreneurs. For more information on the market research report please refer to the below mentioned link: Source: https://www.kenresearch.com/banking-financial-service-insurance/financial-services/india-payment-services-market-research-report/625-93.html Contact: Ken Research Ankur Gupta, Head Marketing & Communications Ankur@kenresearch.com +91-9015378249
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