BRIC Hernia Repair Devices Market Outlook to 2023 The Cards and Payments Industry in India Emerging | Page 2

- Analysis of various market drivers and regulations governing the Indian cards and payments
industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit
and charge cards.
Scope
- To tackle the issue of 'black' money and counterfeit currency, the Indian government decided
to cancel the legal tender of the high-denomination INR500 and INR1,000 from midnight of
November 2016; these are now being replaced with new notes. These notes account for more
than 85% of the total currency in circulation in value terms, and the move has resulted in a
shortage of cash as a result of logistical issues in making the new notes available. The shortage
of cash is expected to encourage the use of payment card and digital wallets in the country.
Furthermore, this will bring overall change in consumers' mindset and payment habits and drive
electronic payments.
- Competition in the Indian alternative payments market has increased, with payment service
providers (PSPs), banks and mobile operators all offering solutions. For instance, State Bank of
India (SBI) launched the State Bank Buddy digital wallet in August 2015; as of March 2016, 4.8
million transactions worth US$35.1 million (INR2.3 billion) had been made, of which US$1.8
million (INR114.7 million) were at merchant outlets. Other digital wallets launched by banks
were Pockets by ICICI Bank in February 2015, and Lime by Axis Bank in September 2015. PSPs
offering payment solutions include Paytm, Oxigen wallet and FreeCharge. India-based mobile
operator Bharti Airtel launched its mobile money service, airtel money, in February 2012.
- The emergence of mobile-only banks is likely to accelerate the shift towards electronic
payments in India. Singapore-based DBS Bank launched India's first mobile-only bank, digibank,
in April 2016; the zero-balance savings account comes with a Visa debit card. Customers are
entitled to an unlimited number of cash withdrawals, and are offered cashback and discounts
on in-store and online purchases. Customers can open accounts at any of the bank's partner
outlets simply by giving Adhar Card details and biometrics for authentication.
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