India Digital Payment Market to Witness Robust Growth through FY2026
Booming e-commerce sector
and increasing internet penetration to 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 smart phone penetration and increasing trend of online
shopping. Cashless payments are gradually becoming a way of transaction in
India with 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 ‘Digital India’ campaign is 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 digital payment market growth in the country.
Furthermore, with outbreak of COVID-19, almost all businesses including major
and minors, are shifting towards online mode which is creating the need for
smooth digital payment methods. With rise in contactless transaction (tap-and-pay),
the market is expected to witness rapid growth through FY2026.
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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 major revenue share in the country
in FY2019 and is further expected to drive the market through FY2026. The
booming e-commerce sector and 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 PayPal Payments Private Limited, Paytm Payments
Bank Limited, Google Pay India, Bharat Interface For Money (BHIM), PayU
Payments Private Limited, Amazon Pay, PhonePe, Razorpay Software Pvt Ltd.,
India Transact Services Ltd., PayKun Payment Solutions Private Limited and
PayBingo.in. The companies are investing on latest technologies and undergoing
partnerships to strengthen their position in India digital payment market.
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“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 rate
and favorable government policies are providing lucrative growth opportunity
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.
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