The electronic payment market is progressively growing in India with a consumer shift to cards.

Ease and convenience of purchase for cardholders is driving the market and merchants are also ensured of a safe and secure transaction thus offering a wide range of payment options to consumers, says Frost & Sullivan.

In 2013, credit, debit, and other electronic payments grew at a rate of 35 per cent over the previous year in terms of payment transactions. POS terminal shipments into the country are anticipated to grow from 0.8 million units in 2013 to 1.1 million units by 2015 growing at a compound annual growth rate of 17.2 per cent.

Almost 80 per cent of the retail market in India does not have POS installations to offer card-based payments. The use of plastic money is still nascent and the conversion rate is very high which acts as a huge opportunity for POS installations, the research firm says.