India Payment Gateway Market Is Expected To Be Dominated By Retail By 2028
Government initiatives are expected to increase Payment
Gateway Market, during the forecast period of 2024-2028.
According to TechSci Research
report, India Payment Gateway Market - Industry Size, Share, Trends,
Opportunity, Forecast and Opportunities, 2018–2028, the India Payment Gateway market
is expected to register a robust growth during the forecast period, 2024-2028. The change in consumer payment behavior has a significant impact on
the payment gateway industry. With the increasing adoption of digital payments,
consumers are looking for fast, convenient, and secure payment methods that
allow them to make purchases online or in-person with ease.
As consumers increasingly prefer to pay with digital wallets,
mobile payments, and other electronic payment methods, payment gateways must
adapt to meet these changing needs. This has led to the development of new
payment technologies, such as contactless payments, mobile payments, and
biometric authentication, that are designed to make payments more convenient,
secure, and faster. Payment gateways are also investing in advanced fraud
prevention technologies to protect consumers from identity theft and other types
of fraud. This includes using machine learning algorithms to detect and prevent
fraudulent transactions in real-time. Furthermore, payment gateways are also
partnering with banks and other financial institutions to offer consumers more
flexible payment options, such as installment payments and buy-now-pay-later
programs, that allow them to spread the cost of purchases over time. Overall,
the shift in consumer payment behavior toward digital payments is driving the
payment gateway industry to innovate and develop new technologies that provide
a seamless and secure payment experience for consumers.
The adoption of blockchain technology in India has the potential to
drive the development of payment gateways in the country. Blockchain technology
can offer several advantages over traditional payment systems, including faster
transaction processing times, increased security and transparency, and reduced
transaction costs.
Blockchain technology can be used to drive payment gateways in
India is through the development of cryptocurrency-based payment systems.
Cryptocurrencies such as Bitcoin, Ethereum, and Ripple have already gained
significant traction in the country, with several exchanges and trading
platforms offering services to Indian consumers. These cryptocurrencies could
be used as a payment mechanism for goods and services, with merchants accepting
them directly or through payment gateways.
Browse over 30
market data Figures spread through 70 Pages and an in-depth TOC on " India Payment Gateway Market.”
Currently, the
transactions are validated through OTPs, PINs, and other passwords. However,
key trend which will predominantly affect the market in coming year is
integration of biometric authentication across payment gateway solutions. Based
on enterprise size, the market has been segmented into small & medium
enterprise (SME) and large enterprise. Large enterprise acquired
the majority share in 2020, however, SMEs are also likely to grow at a
fast pace during the forecast period. Payment gateway serves various end-users
such as travel & hospitality, retail, healthcare, education, government,
utilities, and others. Retail segment acquired the leading share in 2020 and is
expected to witness notable growth during the forecast period. Retail companies
are adding various payment gateways such as PayPal, among others to their
websites which is bolstering the growth of the market. Based on type, the
payment gateway market has been segmented into hosted, self-hosted and bank
integrated. Hosted payment gateway segment dominates the market and is likely
to dominate till 2026 owing to merchants seeking quick installation of payment
gateway solutions on their website.
Overall, the
payment gateway market in India's retail vertical is poised for significant
growth in the coming years, driven by the increasing adoption of e-commerce and
digital payments in the country. Another factor driving the growth of the
payment gateway market in India's retail vertical is the government's push
toward a cashless economy. The government's demonetization drive in 2016 led to
a surge in digital payments, and since then, the government has launched
several initiatives to promote digital payments, such as the BHIM app and UPI.
This has led to a significant increase in the adoption of digital payments in
the country, which has in turn driven the growth of the payment gateway market.
Key market
players in the India Payment Gateway market:
- PayU
- Paytm
- Razorpay Software
Private Limited
- PayPal India
Private Limited
- CCAvenue
- BillDesk
- Instamojo
Technologies Private Limited
- One MobiKwik
Systems Private Limited
- IMSL-Fiserv
- Ingenico
Recent
Developments:
- In
2020, Paytm, one of the leading digital payment companies in India, acquired
BalanceTech, a payments and financial services platform. The acquisition helped
Paytm to expand its offerings and strengthen its position in the payment
gateway market.
- In 2020, Razorpay, a leading payment gateway provider, acquired Thirdwatch, an AI-powered fraud prevention startup. The acquisition helped Razorpay enhance its security features and prevent fraudulent transactions, thereby building trust with customers.
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“One of the key factors
driving this growth is the rapid expansion of e-commerce in India. With the
increasing availability of smartphones and high-speed internet, more and more
consumers are shopping online, which has led to a surge in demand for digital
payment options. As a result, payment gateway providers are partnering with
e-commerce companies and online marketplaces to offer consumers a variety of
payment options, such as credit cards, debit cards, mobile wallets, and UPI,
thereby positively driving the Payment Gateway market in the country in
the coming years,” said, Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“India Payment
Gateway Market Segmented by Type (Hosted, Bank Integrated, and Self-hosted), By
Enterprise Size (Large Enterprise, and Small & Medium Enterprise (SME)), By
Vertical (Retail, Travel & Hospitality, Healthcare, Education, Government,
Utilities, and Others), By Region, Competition, Forecast and Opportunities,
2028” has evaluated the future growth potential
of India Payment Gateway 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 Payment Gateway market.
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