NFC-Mobile Payment Services: Is India Ready for it?
Code : ITF0041 Industry :Mobile Payments Organization:- |
Period : 2009-2017 Region : India Countries : India |
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BACKGROUND:The payment system in India had evolved since the end of the 17th century. Transactions were carried out in India through the barter system till the middle of the 17th century. At the beginning of the 18th century, coins made of copper, bronze, silver, and gold were used as a medium of exchange. These gradually evolved into paper money and cheques during the 19th century. Bank of Hindostan, the first bank in India, was established in the year 1770. In ensuing years saw several developments in India’s banking system: the banks started granting loans, the Reserve Bank of India was established in 1935,.. |
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TREND OF TECHNOLOGY DEPLOYMENT IN INDIAN PAYMENT SYSTEM
As of February 2017, NFC-mobile payment was still in its nascent state in India. India had been a laggard in adopting new technology in the banking and payment systems as compared to the global trend. Internet banking was first introduced in 1980 in the USA, whereas in India it came into being in 1999 – almost two decades later. In the case of mobile banking which became popular worldwide in the year 2000, it took 7 years to be introduced in India. Nasscom reported that Indians still preferred to transact in cash or by cheque .. ...
THE WAY AHEAD
Though post demonetization, the government had been promoting cashless transactions, more awareness was needed about the NFC-mobile payment services for people of India to start using NFC-mobile payments. Consumers in India started using Paytm and other mobile wallets post demonetization due to the discounts and promotional benefits linked with them as well as shortage of cash at banks and ATMs.
EXHIBITS
Exhibit I :Milestones in the evolution of Payment system of India
Exhibit II :Trend of Usage of Digital Mode of Payment in India Post Demonetization
Exhibit III :NFC Merchants in Various Cities in India
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