India digital payment market is expected
to witness double digit CAGR during the forecast period owing to government’s emphasis on promoting
digitalization with introduction ‘Digital India’ campaign. The growing trend of
cashless payment methods such as mobile wallets, internet banking, mobile
banking and PoS are acting as key growth drivers for this market. In addition
to this, India’s large population with high smart phone penetration and
increasing internet penetration are supporting the growth of India digital
payment market. Also, digital payments have made banking services more
accessible to a wider population and have diminished the pain points that are
involved in traditional services such as NEFT and RTGS. This is further fueling
the growth of digital payment market in India.
Furthermore, digital payments are
increasingly becoming a way of making transactions in India with presence of
over 45 mobile wallet providers and around 50 UPI-based wallet providers in the
country. Also, UPI has
emerged as a major payment option for Indians. These factors are serving as major
growth drivers for India digital payment market.
India digital payment market is
segmented based on type,
deployment mode, organization size, vertical and region. Based on vertical, the
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 are expected to dominate the market growth through FY2026. The reasons
can be attributed to booming e-commerce sector and surge in prepaid gifting
cards in the country.
Major players operating in 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., among others. The market players are undertaking growth
strategies such as partnerships and acquisitions and are investing on latest
technologies to increase their revenue share in the country.
Years
considered for this report:
Historical Years: FY2016-FY2019
Base Year: FY2020
Estimated Year: FY2021
Forecast Period: FY2022–FY2026
Objective of the Study:
- To analyze and estimate the market size of India digital payment market
from FY2016 to FY2019.
- To estimate and forecast the market size of India digital payment market
from FY2020 to FY2026 and growth rate until FY2026.
- To classify and forecast India digital payment market based on type,
deployment mode, organization size, vertical, company
and regional distribution.
- To identify dominant region or segment in the India digital payment
market.
- To identify drivers and challenges for India digital payment market.
- To examine competitive developments such as expansions, new product
launches, mergers & acquisitions, etc., in India digital payment market.
- To identify and analyze the profile of leading players operating in
India digital payment market.
- To identify key sustainable strategies adopted by market players in
India digital payment market.
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TechSci Research performed both primary as well as exhaustive
secondary research for this study. Initially, TechSci Research sourced a list
of digital payment providers across India. Subsequently, TechSci Research
conducted primary research surveys with the identified companies. While
interviewing, the respondents were also enquired about their competitors.
Through this technique, TechSci Research could include the service providers who
could not be identified due to the limitations of secondary research. TechSci Research
analyzed the companies, vendors and presence of all major players across India.
TechSci
Research calculated the market size of India digital payment market using a bottom-up approach, wherein data for various end-user
segments was recorded and forecast for the future years. TechSci Research
sourced these values from the industry experts and company representatives and
externally validated through analyzing historical data of these service types
and end users for getting an appropriate, overall market size. Various
secondary sources such as company websites, news articles, press releases,
company annual reports, investor presentations and financial reports were also studied
by TechSci Research.
Key Target Audience:
- Digital payment service providers, vendors, banks
and other stakeholders
- Government bodies such as regulating
authorities and policy makers
- Organizations, forums and alliances related to
digital payment
- Market research and consulting firms
The study is useful in providing answers to several critical
questions that are important for the industry stakeholders such as digital
payment service providers, banks, vendors, end users, etc., besides allowing
them in strategizing investments and capitalizing on market opportunities.
Report Scope:
In this report, India digital payment market has
been segmented into following categories, in addition to the industry trends
which have also been detailed below:
- 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
- India Digital Payment Market, By Deployment Mode:
- India Digital Payment Market, By Organization Size:
- India Digital Payment Market, By Vertical:
- Banking,
Financial Services and Insurance (BFSI)
- Telecom
& Information Technology (IT)
- Retail
& E-Commerce
- Healthcare
- Media
& Entertainment
- Others
- India Digital Payment Market, By Region:
Competitive
Landscape
Company Profiles: Detailed analysis of the major
companies present in India digital payment market.
Available Customizations:
With the given market data, TechSci Research offers
customizations according to a company’s specific needs. The following
customization options are available for the report:
Company Information
- Detailed analysis and profiling of
additional market players (up to five).
India digital payment market
is an upcoming report to be released soon. If you wish an early delivery of
this report or want to confirm the date of release, please contact us at [email protected]