As we’ve often noted in PaymentFacilitator, India is on track to become a global leader in digital payments.
So, to better enable us to take our readers where the opportunity is, we’re launching a new sister site: PaymentFacilitator.in.
Conditions in many countries in Asia are thought to be ripe for digital payments growth, and India is at the epicenter of that transformation.
A March report from ACI Worldwide predicts that the digital transaction market in India could be worth $1 trillion by 2025, with four of every five transactions made electronically.
While there are currently about 90 million digital transaction users in India, that number could more than triple to 300 million by 2020 with the entry of new users from rural and semi-urban areas, the report said.
There are many factors that contribute to the rise of electronic payments, including the growing penetration of mobile phones and government policies intended to encourage digital transactions.
This explosive growth represents real opportunity for payment facilitators, industry experts have said, in no small part because of their unique ability to serve the country’s dispersed population of small and micro-merchants.
The cost of accepting digital transactions has traditionally made it out of reach for these merchants. It has also been historically difficult for banks and acquirers to board them cost-effectively.
Enter the payment facilitator model: agile, customer-focused and much better suited to board and manage smaller merchants.
Indeed, PFs of all sizes are already finding their niche within India’s payments ecosystem, even helping big-name players expand acceptance of their solutions.
As a result, it’s become clear to us that India is a key place to focus our attention. We’ve moved all of our previous India coverage to the new site so it’s easy to find, and beginning next week, we’ll post any new India-focused news on the new site. We’ll also continue to make changes and improvements to the site in the coming weeks.
In the meantime, we would love to hear from you. What are your thoughts on the state of payments in India? Who would you like to hear from? What would you like to know about the region? Feel free to leave a comment or contact us directly.