India Digital Payment Market to Grow at Robust CAGR of 27.5% during 2022-2028
Published | 16 June 2022
India Digital Payment Market is gaining significant traction owing to the rising technological advancements in smartphones, and digital payment cards along with better customer convenience and security…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the India Digital Payment Market is estimated to grow at a CAGR of 27.5% by the end of 2028. The lucrative growth of the India Digital Payment Market is attributed to increasing cashless payments for goods and services through cards, mobile phones, or the internet. Also, it is very beneficial in terms of time-saving and reduced transaction costs. Moreover, digital payment requires no counting out of cash or making of change, and it allows you to buy whatever you want whenever you want without having to first stop by the bank to withdraw cash. Furthermore, India Digital Payment Market is one of the most emerging markets that grow continuously owing to the fast integration of new technologies like the Internet of Things (IoT), artificial intelligence (AI), cloud computing, and others. According to a survey conducted on digital payments in India in 2020, around 79 percent of the households used some form of third-party digital payment apps, like Paytm and PhonePe. However, technical issues and some security problems hinder the growth of the India Digital Payment Market.
Based on mode of payment, Digital Currencies, Bank Cards, Digital Wallets, Net Banking, Point of Sale, and Others are the payment segments. Digital wallets dominate the market share owing to the presence of around 45 mobile wallet providers in the country. Also, digital wallets have emerged as a major payment option for Indians. Moreover, based on Deployment, the India Digital Payment Market is segmented into On-premise and Cloud. On-premise segment dominates the market because it allows user testers to work in a stable environment that takes advantage of users existing technology assets. This further drives the growth of the India Digital Payment Market during the forecast period (2022-2028).
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Geographically, the India Digital Payment Market is segmented into North India, South India, East India, and West India. The western region dominates the market owing to the most economically populated state of Maharashtra. Also, the rising commercial sectors, booming various businesses, and e-commerce industries in the West India region increase the demand for Digital Payments. The sudden outbreak of COVID-19 resulted both positively and negatively in the growth of the India Digital Payment Market. Initially, the sales declined due to the economic crisis, and the shutdown of all sectors. However, the demand for Digital Payment increased due to the pandemic, which forced people to stay indoors and order food as well as other items through online platforms. To avoid contact with delivery agents, many of the online stores and aggregator platforms had blocked cash payments. All these factors aid to fuel the growth of the India Digital Payment Market during the forecast period (2022-2028).
The leading market players in the India Digital Payment Market are PayPal, PayU, Paytm, CCAvenue, Razorpay, Instamojo, Cashfree Payments, EBS, PhonePe, Cred, Zeta, BharatPe, BillDesk, Google Pay, Dhani, BHIM Axis Pay, MobiKwik, Amazon Pay, Yono by SBI, HDFC PayZapp, ICICI Pockets, and other prominent players. The market is highly competitive and fragmented with the presence of various global as well as regional industry participants. The companies constantly launch new products with advanced features to gain a competitive edge over the market. Multinational corporations also invest in expanding their production capacities to meet the growing demand and boost their market penetration. Furthermore, the adoption of competitive strategies such as partnerships, mergers, acquisitions, joint ventures, etc., is also prominent in this market
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the India Digital Payment Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Digital Payment Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
BlueWeave Consulting provides comprehensive Market Intelligence (MI) Solutions to businesses regarding various products and services online and offline. We offer all-inclusive market research reports by analyzing both qualitative and quantitative data to boost the performance of your business solutions. BWC has built its reputation from the scratch by delivering quality inputs and nourishing long-lasting relationships with its clients. We are one of the promising digital MI solutions companies providing agile assistance to make your business endeavors successful.
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