A recent study by TSYS reports that "India will climb...to be one of the world's top five generators of non-cash payments by 2017,"
The study notes that in the emerging BRIC (Brazil, Russia, India and China) markets, cash remains king; but in India the tide is turning as consumers increasingly conduct electronic payment transactions with either plastic cards or, to a lesser degree, mobile phone-based applications.
Some other agencies have also estimated a greater rise in the mobile payments domain as well. With over 500 mobile phones in India, the mobile payments seems to be a bigger mode of payment that could arise in the future.
Are IT SMEs considering this opportunity. Share your views below.