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May 25, 2014

Online payment in India to cross $20B by 2015

Online payment industry to cross $20B by 2015 end led by IRCTC, Online Banking, Travel,Insurance and Financial Services   is said  to be forecast grow  40-45% in 2014-2016

"The digital payments industry is expected to grow at 40 per cent to reach Rs 120,120 crore ($20 billion) by the end of this year, according to a report by Internet and Mobile Association of India (IAMAI). Among the many use cases, online travel booking, financial services and e-tailing are the main purposes for using different modes of digital payments.

“Online travel industry, which includes air & train ticket bookings
hotel accommodations and tour packages contribute nearly 60 per cent of the digital payments. This is followed by financial services that comprises of online mobile recharge & DTH service, online tax filing, payment of insurance premiums, gas & electricity bills and e-tailing,” the report stated."

The 4 metros which include Delhi, Mumbai, Kolkata and Chennai are approximately 60 per cent of the total digital payment gateway market size. Next four metros – Bangalore, Hyderabad, Ahmadabad, Pune together contributes only 25 per cent to the total market size.

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