India will soon touch $9 trillion in total payments with revenues nearly $14 billion. Electronic payment is on the rise & has grown significantly in last 3 years. Ecommerce has played an important role contributing to growing electronic payments as consumers acceptance to payment cards has gradually increased in the last decade.
Promising growth in e-commerce, payment gateways facilitates as a starting point to all electronic transactions. Payment gateways play important roles in building trust among consumers as they are making every effort to keep online transactions secure & confidential. Banks like ICICI Bank, HDFC, Citibank, SBI having a majority of the market but private companies like CCAvenue, BillDesk, ECS are giving good competition.
The growth is attracting international players to develop strategy to enter India. Companies like Ogone & Naspers are getting their feet wet in this growing market. Online transaction market is expected…
One of the major transactions happening on mobile is for travels, which has become a lifestyle choice for urban consumers between the age group of 22 to 30 years. This gives a signal that more consumers would be inclined towards applying for miles based travel rewards credit cards. Additionally, there is more number of travel deals, offers from banks in partnership with travel merchants to attract consumers by providing significant discounts. This has led consumers to spend more than average on travel. (Source: Euromonitor International report: Financial Cards & payments in India).
Considering busy lifestyles of younger generations, they do not have time to get the best benefits on their cards for travel or dining out. There is need in the market for technology solution to aggregate the financial benefits consumers get from their relationships with different financial institutes.
Technology is already changing consumer behavior when we see rise in electronic payments growth in India. Consumers in the urban area are adopting more cashless payment methods as it is more safe & convenient. In future consumers will have more than one credit card or wallet from different financial institutions. This will further complicate consumers to get the best benefits from the financial instruments they hold.
In India, credit cards account for 25% of online transactions and only about 35% of India’s population has access to bank accounts. This leaves a big opportunity for startups to work with financial institutes to help increase penetration of credit cards/. Educate consumers to activate & use the right card at right merchants based on their card loyalty benefits program. This will increase engagement intern keep consumers happy. Mohurs card recommendation helps to solve this problem and bridge the gap. Mohurs is a location-based personalized card recommendation engine. If a consumer is a holding a VISA Signature card it recommends consumers to buy a Movie ticket from fandango.com on a Friday for a Friday show to get 1 ticket free on purchase of 1 ticket. Did you know that ? if not you should download the app & try it. Download link is below.