Study of Existing State and Growth Prospects of Mobile Payment Platforms in India

International Journal of Economics and Management Studies

© 2019 by SSRG - IJEMS Journal

Volume 6 Issue 10

Year of Publication : 2019

Authors : Parul Singh, Kriti Thapliyal

10.14445/23939125/IJEMS-V6I10P117

How to Cite?

Parul Singh, Kriti Thapliyal, "Study of Existing State and Growth Prospects of Mobile Payment Platforms in India," SSRG International Journal of Economics and Management Studies, vol. 6,  no. 10, pp. 124-135, 2019. Crossref, https://doi.org/10.14445/23939125/IJEMS-V6I10P117

Abstract:

The advent of digital revolution, huge demographic dividend, penetration of smartphones and internet, entry of non-traditional players, increasing customer demands and enabling government regulations are driving the growth of digital payments in India. The consumers today want a smooth end-to-end experience and are willing to break the habit of using cash for convenience and faster check-outs. Mobile money is filling the gaps of delivering low-cost merchant acceptance at the last mile. The merchants who used cash only due to proclivity towards it or high cost of card payments are today adopting this change. The paper aims to cover the factors affecting the Mobile Payment Platforms industry in India. It decodes the consumer and merchant insights and discusses the drivers and challenges to adoption of this technology. It also covers a comparative analysis of the existing mobile payments platforms. India is moving from a low volume and high transaction cost to high volume and low transaction cost digital economy and Mobile Payments Platform will play an important role in the future. Mobile payment platform is relatively a new industry in India, which hasn’t been studied much. Hence, an attempt is made in this paper to cover various aspects related to Mobile Payments Platforms and add to the body of knowledge.

Keywords:

Mobile Payment Platforms, Mobile Wallets, E-Wallets, Demonetization, Digital Money

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