logo
logo
AI Products 

India Digital Payment Market Analysis, Share, Trends, Demand, Size, Opportunity & Forecast

avatar
varunkp
India Digital Payment Market Analysis, Share, Trends, Demand, Size, Opportunity & Forecast

The booming e-commerce sector and increasing internet penetration drive India digital payment market According to TechSci Research report, India Digital Payment Market By Type (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security, and Fraud Management), Services (Professional Services, Managed Services)), By Deployment Mode (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Vertical (Banking, Financial Services, and Insurance (BFSI), Telecom & Information Technology (IT), Retail & E-Commerce, Healthcare, Media & Entertainment, Others), By Region, Forecast & Opportunities, FY2026”, the market is anticipated to witness robust CAGR during the forecast period. Key factors driving the growth of India digital payment market include India’s large population with high smartphone penetration and the increasing trend of online shopping.

The important Elements of India Digital Payment Market

Cashless payments are gradually becoming a way of transaction in India with the presence of over 45 mobile wallet providers and around 50 UPI-based wallet providers in the country. This is serving as a major growth factor for India digital payment market. In addition to this, the government’s emphasis on digitalization and the ‘Digital India’ campaign are expected to provide ample growth opportunities for digital payment providers in the coming years.

Moreover, UPI has emerged as a major payment option for citizens. Digital payments have also made banking services more flexible and accessible to a wider population. It has diminished the pain points that were involved in traditional money transfer services such as NEFT and RTGS. These factors are acting as major support for the digital payment market growth in the country. Furthermore, with the outbreak of COVID-19, almost all businesses including majors and minors, are shifting towards online mode which is creating the need for smooth digital payment methods. With the rise in contactless transactions (tap-and-pay), the market is expected to witness rapid growth through FY2026.


Browse XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on the "India Digital Payment Market"


India digital payment market is segmented based on type, deployment mode, organization size, vertical, and region. Based on type, the market is segmented into solutions and services. The solutions segment is further categorized into payment processing, payment gateway, payment wallet, pos solution, payment security, and fraud management. The services segment is categorized into professional services and managed services. Among these, the solutions segment is expected to dominate the market through FY2026 owing to increasing demand for payment wallets and payment processing in the country.

Based on vertical, India digital payment market can be segmented into Banking, Financial Services and Insurance (BFSI), Telecom & Information Technology (IT), retail & e-commerce, healthcare, media & entertainment, and others. Among these, the retail and e-commerce segment accounted for a major revenue share in the country in FY2019 and is further expected to drive the market through FY2026. The booming e-commerce sector and the surge in prepaid gifting cards are some of the key factors fueling the growth of this segment in India.

Major players operating in the India digital payment market include

  1. PayPal Payments Private Limited
  2. Paytm Payments Bank Limited
  3. Google Pay India
  4. Bharat Interface For Money (BHIM)
  5. PayU Payments Private Limited
  6. Amazon Pay
  7. PhonePe
  8. Razorpay Software Pvt Ltd.
  9. India Transact Services Ltd.
  10. PayKun Payment Solutions Private Limited and PayBingo.in. The companies are investing in the latest technologies and undergoing partnerships to strengthen their position in India digital payment market.


Download Free Sample Report

Customers can also request 10% free customization on this report.


“The Reserve Bank of India is planning to construct a Digital Payments Index (DPI) which will capture the extent of digitization of payments effectively. This mapping of digital payments will help payment companies to know which channel holds more popularity among consumers. Moreover, increasing internet penetration rates and favorable government policies are providing lucrative growth opportunities for digital payment providers,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

“India Digital Payment Market By Type (Solutions (Payment Processing, Payment Gateway, Payment Wallet, POS Solution, Payment Security, and Fraud Management), Services (Professional Services, Managed Services)), By Deployment Mode (On-Premises, Cloud), By Organization Size (SMEs, Large Enterprises), By Vertical (Banking, Financial Services, and Insurance (BFSI), Telecom & Information Technology (IT), Retail & E-Commerce, Healthcare, Media & Entertainment, Others), By Region, Forecast & Opportunities, FY2026” has evaluated the future growth potential of India digital payment market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in India digital payment market.

Contact

Mr. Ken Mathews

708 Third Avenue,

Manhattan, NY,

New York – 10017

 

Tel: +1-646-360-1656

 

Email: sales@techsciresearch.com

collect
0
avatar
varunkp
guide
Zupyak is the world’s largest content marketing community, with over 400 000 members and 3 million articles. Explore and get your content discovered.
Read more