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

TechSci Research's report on the "India Digital Payment Market" forecasts a robust Compound Annual Growth Rate (CAGR) during the forecast period. The market's growth is driven by several key factors, including India's large population with high smartphone penetration and the increasing trend of online shopping. With over 45 mobile wallet providers and around 50 UPI-based wallet providers in the country, cashless payments are becoming increasingly prevalent, serving as a significant growth factor for the digital payment market. Additionally, the government's focus on digitalization and the 'Digital India' campaign is expected to create ample growth opportunities for digital payment providers in the coming years.

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UPI has emerged as a major payment option for citizens, making banking services more flexible and accessible to a wider population. This has mitigated the pain points associated with traditional money transfer services like NEFT and RTGS, further supporting the growth of the digital payment market. Moreover, with the outbreak of COVID-19, businesses of all sizes are shifting towards online modes, increasing the need for seamless digital payment methods. The rise in contactless transactions is expected to drive rapid growth in the market through FY2026.

Report Scope:

In this report, the India digital payment market has been segmented into the 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:

• On-Premises

• Cloud

• India Digital Payment Market, By Organization Size:

• SMEs

• Large Enterprises

• 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:

• North

• South

• East

• West

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The India digital payment market is segmented based on type, deployment mode, organization size, vertical, and region. Solutions and services are the primary segments, with solutions dominating the market due to increasing demand for payment wallets and payment processing. In terms of verticals, the retail and e-commerce segment accounted for a major revenue share in FY2019 and is expected to continue driving the market through FY2026. The booming e-commerce sector and surge in prepaid gifting cards are key factors fueling the growth of this segment.

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

• PayBingo.in

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These companies are investing in the latest technologies and forming partnerships to strengthen their position in the market.

The Reserve Bank of India's plan to construct a Digital Payments Index (DPI) will help payment companies understand which channels are more popular among consumers. Increasing internet penetration rates and favorable government policies provide lucrative growth opportunities for digital payment providers.

In conclusion, the report provides comprehensive insights into the India digital payment market's future growth potential, market size, structure, and emerging trends. It aims to provide cutting-edge market intelligence to help decision-makers make sound investment decisions. Additionally, the report identifies and analyzes essential drivers, challenges, and opportunities in the India digital payment market.

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