The first decade has been an eventful and possibly a watershed period in the Indian economy with consistently high GDP growth, a mobile revolution resulting in over 700 million connections, rapid POS, ATM and branch expansion, the establishment of ecommerce and the penetration of plastic in millions of wallets across the country.
India‟s economic expansion remains the catalyst the evolution of a large robust electronic payments ecosystem. GDP growth has averaged over 7% since 1997 and clocked a commendable growth rate of 5.4% in 2009 in spite of the global recession in the immediate prior period.
As services constitute an increasing proportion of the GDP each year, urbanization and industrialization coupled with the all round growth is catalyzing the growth of a middle class estimated to be over 300 million. Studies have indicated that with the current growth trajectory, household incomes could triple over the next two decades making India the world‟s 5th-largest consumer economy by 2025, up from 12th now. Private consumption plays a significant role in India‟s growth with private spending having crossed 17 trillion Indian rupees ($372 billion), accounting for more than 60 percent of India‟s GDP in 2005.
India stands at a very interesting cusp, wherein the seeds appeared to have been sowed for the creation of a dual electronic payment architecture & ecosystem. The first in the classical card based mold and the second in the card-less!
This document attempts to outline the key developments and events that makes the recent years possibly one of the most influential periods in the Indian payments space and the electronics payments space in particular. It will also cover macro trends and developments that are likely to influence and shape the electronic payments space.
You will notice a skew towards newer age payments vis a vis the traditional card based payments, as at some fundamental level, believe therein lies the next wave.
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Contents of Electronic Payments in India 2011
1. Swingers : Highlights of the key developments and events in the period 2008-10, that could have a long term impact on the growth and evolution of retail electronic payments in India.
2. Nitty Gritty :
- The Indian Electronic Payments Landscape
- The Regulatory Framework & Direction
- Prepaid Cards – The New Kid on the Block
- Mobile Payments & Banking – The Darling Child
- Credit & Debit – Linear or Exponential?
3. Shakers!: The key trends and developments expected in the coming years and decade