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Trends & key developments in the digital payments segment in 2014

2014 has been a significant year for digital payments industry and has seen a number of developments emerging in the wallet space and its increased adoption. Here are some of the trends we've observed Top developments Increased usage of mobile wallets: A number of players have seen that payments have shifted on mobile devices and adoption is on the rise. Amit Lakhotia head of digital payments at Paytm points out that about 60-70% of transactions have happened on mobile and points out one of the reasons for this is that net banking pages for banks have not been optimized for the mobile devices and due to the high mobile penetration in India, many people's first internet experience has been on mobile. Paytm launched its digital wallet in January 2014 and have about 18 million wallets in India and the company acquired them in about 11 months. Paytm also claims that it sees about 15 million transactions per month on the wallet alone.Mobikwik said that 35% of its transactions of the wallet during the Google Online Shopping Festival were done on mobiles. Launch of Apple Pay: The launch of Apple Pay in the United States which tied different components of the billing chain (marketplace, payment information, physical device) would be a game changer for mobile phone makers and others might soon follow suit.  There are reports that Samsung is developing its own mobile payment company. Messenger applications are getting in on payments : One of the trends we noticed was that…

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