The biggest providers of payment terminals are two international firms namely Ingenico and VeriFone. These two firms cumulatively dominates almost eighty percent of the total market in India.
Understanding the consumer profile of Uttar Pradesh
Uttar Pradesh is the largest state in India, in terms of population. According to the latest census data, the total population of the state is 199.8 million. The population growth rate of the state is around 2.5 % as per the latest census data which was lower than the growth rate of more than 25 % in 2001 (Census 2011, 2015).
Paytm’s growth in India as a digital payment platform
Paytm a digital payment platform was launched in 2010 by One97 communication. It allows to transfer money into its integrated wallet by debit card, credit card and net banking. This wallet can be further used to make payments for recharge, bill payments and shopping (Unicorn 2016).
Near field communication’s edge over other digital payment technologies
Near field communication (NFC) is a short range contactless radio frequency technology which allow easy, secure and fast communication between the two electronic devices.
India’s run for a digital payment and banking system
This study is aimed to examine the existing digital payment system and Indian banking and opportunity for Near Field Communication (NFC) POS machines market in Uttar Pradesh, India. On the basis of the market research it can be said the digital payment system in India is in its initial phase and is picking up pace.