Shocking figures regarding India’s mobile market, estimated to reach $ 5 lakh crore by 2033
India’s mobile payment market is expanding at a historic pace and by the year 2033 it is estimated to reach 4.99 lakh crore dollars. In the latest white paper ‘SoftPOS: Changing the contactless payment in industries’ issued by the Worldline on Tuesday, India’s mobile payment ecosystem is not only maturing but has become one of the world’s biggest and fastest growing digital payments markets. In the year 2024, where the market crossed the $ 792.4 billion mark, in the next 9 years it is almost six times to reach 4.99 lakh million dollars, the annual growth rate of which is estimated to be 21.56 percent.
The center of this development is softPOS, an innovative technique that converts any Android smartphone into full payment without additional hardware. According to the Worldline, softPOS is especially accessible to the payment acceptance for micro, small and medium enterprises (MSMEs) in India. Its deployment not only saves cost but also provides fast, safe and flexible payment experience to businesses.
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The report estimated that by 2027, 3.45 crore traders will adopt softPOS globally. By 2025, more than 50 percent transactions in the Asia-Pacific region will be tap-based. MSMEs will take a stake of more than 60 percent in adopting softPOS in India.
The impact of softPOS is not limited to retail only. This technology is today giving a new shape to the payment system in diverse fields such as transport, healthcare, insurance, restaurants and e-commerce. Experiences like mobile checkouts and ‘endless corridors’ are possible. For small businesses, tap-to-pay is making it easier to especially in Tier II and III cities.
Along with this, mobile ticketing and increase in onboard payments in buses and metro. Integrated with schemes like ABDM, making pharmaceutical and clinic payments digital. Insurance agents can now collect premiums even in remote areas and release receipts in real time.
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Ramesh Narasimhan, Chief Executive Officer (CEO) of Worldline India, said, “SoftPOS is bringing revolutionary changes in India’s payment scenario. The demand for the omnipotence and contact-free experiences of the smartphone has made it extremely relevant. This technique is especially a strong device for MSME, which gives them a further tie-level desire. To take away and strengthen India’s financial inclusion. ” Input agencies edited by: Sudhir Sharma
