Incredible India: Four Imperatives to Accelerate Electronic Payment Adoption in India.
A leading analyst group predicts that “India will climb to be one of the world’s top five generators of non-cash payments by 2017.” In the emerging BRIC (Brazil, Russia, India and China) markets, cash remains king; but in India the tide is turning as consumers increasingly conduct electronic payment transactions with either plastic cards or, to a lesser degree, mobile phone-based applications.
This market trend is being driven by a population of more than 1.2 billion, 350-400 million of which are part of the burgeoning middle class. This key demographic, growing annually at five percent, is developing a voracious appetite for consumer goods that can be supported through access to basic banking services provided by domestic and foreign financial institutions.
Report on Electronic Payment Systems In India
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