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India Digital Payment Market

India Digital Payment Market

India Digital Payment Market, By Offering (Solution and Service) By Mode of Payment (Digital Currencies, Bank Cards, Digital Wallets, Net Banking, Point of Sale, and Others), By Deployment (On-Premise and Cloud), By Organization Size (Small Enterprises, Medium Enterprises, and Large Enterprises), By Sector (Banking, Financial Services and Insurance (BFSI), Retail/E-Commerce, Healthcare, Hospitality/Travel, Logistics and Transportation, Others), By Region (North India, South India, East India, West India) Trend Analysis, Competitive Market Share & Forecast, 2018-2028

  • Published Date: June 2022
  • Report ID: BWC22186
  • Available Format: PDF
  • Page: 114

Report Overview

India Digital Payment Market is flourishing owing to the increase in customer preference for real-time payments, growing adoption of mobile wallets along with the rising governments initiative to increase usage of digital payments across the country...

India Digital Payment Market- Industry Trends & Forecast Report 2028

The India Digital Payment Market is anticipated to grow at a CAGR of 27.5% during the forecast period (2022-2028). The market is growing at a high rate owing to factors such as greater convenience and favorable government policies that are surging the digital payments in the country. Also, the spread of e-commerce, movement away from cash, and rising use of mobile phones are offering significant growth opportunities to the India Digital Payment Market during the forecast period (2022-2028).

Digital Payment - Overview

Digital Payment is the way of transactions of money from one account to another via an electronic device. It generally refers to payment services operated under financial regulation and performed electronically. The main objectives of digital transactions are to reduce the costs and risks of handling cash, increase the ease of conducting online transactions, as well as increase transparency among monetary transactions among people.

India Digital Payment Market Forecast and Trends

Growth Drivers

Government’s Emphasis on Promoting Digitalization  

The increasing government initiatives to promote digitalization with the introduction of the ‘Digital India’ campaign acts as a major driving factor for the growth of the India Digital Payment Market. The growing preferences for cashless payment methods such as internet banking, mobile wallets, point of sale (POS), and mobile banking are boosting market growth. In addition, digital payments minimized the pain points of traditional services like NEFT and RTGS.  Also, it has made banking services more accessible to a wider population of the country.

High Smart Phone Penetration and Rising Trend for Online Shopping.

India's large population with high smartphone penetration and increasing internet penetration are driving the growth of the India Digital Payment Market during the forecast period. Also, the increasing online shopping through e-commerce platforms supports market growth.  The online payment modes are highly used in digital shopping platforms, including various offers, discounts, and gift vouchers. Moreover, consumers are shifting their preferences toward net banking and other digital payment facilities to avail products including groceries, electronics, education-related expenditures, as well as electricity bills, TV digital cable bills, and mobile phone monthly recharge.  All these factors propel the growth of the India Digital Payment Market during the forecast period (2022-2028).

Restraints

Heavy Traffic and Technical Issues

In India, sometimes digital payments stop working for a short period due to heavy traffic or server issues that interrupt the transaction service. Due to this fact, many times people cannot pay online in an emergency, and rise in concern for using mobile wallets.  Also, cyber frauds, transaction costs, and lack of knowledge lead to increasing concern among consumers about making a high amount of payment through the online payment system. All these factors hinder the growth of the India Digital Payment Market during the forecast period (2022-2028).

Impact of COVID-19 on India Digital Payment Market

The sudden outbreak of COVID-19 both positively and negatively impacted the growth of the India Digital Payment Market. Initially, the digital payments sector witnessed a decline of 30% in the transaction value. However, the pandemic has fundamentally changed consumer preferences toward online transactions. Users turn to digital transactions for fear of physical contact when transacting. Also, fear of going to Banks and ATMs to withdraw or deposit cash during a pandemic surge the digital transaction in the country. This trend in the market is likely to continue during the forecast period (2022-2028).

India Digital Payment Market - By Offering

Based on offering, the India Digital Payment Market is segmented into Solutions and Services. The solution segment is further categorized into Payment Gateway, Processing, Payment Wallet, Security and Fraud Management, and Others. The Service segment is further categorized into professional and managed. Among all these the solution segment dominates the market share owing to the rising demand for digital wallets and payment processing in the country.

India Digital Payment Market - By Sector

Based on sector, the India Digital Payment Market is segmented into Banking, Financial Services and Insurance (BFSI), Retail/E-Commerce, Healthcare, Hospitality/Travel, Logistics and Transportation, and Others. The Retail/E-Commerce segment dominates the market owing to the booming e-commerce sector and increasing prepaid gifting cards. These are some of the key factors propelling the growth of the India Digital Payment Market during the forecast period (2022-2028).

India Digital Payment Market - Regional Insights

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, growing development, various sectors, and urbanization in this region offer lucrative growth opportunities for the India Digital Payment Market during the forecast period (2022-2028).  

Competitive Landscape

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 and 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.

Recent Development

  • In August 2021, Indian Prime Minister Shri Narendra Modi launched the digital payment solution e-RUPI, a person and purpose-specific digital payment solution. e-RUPI is a cashless and contactless instrument for digital payment.

 

Scope of the Report

Attributes Details
Years Considered Historical data – 2018-2020
Base Year – 2021
Forecast – 2022 – 2028
Facts Covered Revenue in USD Billion
Market Coverage North India, South India, East India, and West India
Product Service/Segmentation By Offering, By Mode of Payment, By Deployment, By Organization Size, By Sector, By Region
Key Players 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

 

By Offering

  1. Solution
      • Payment Gateway
      • Processing
      • Payment Wallet
      • Security and Fraud Management
      • Others
  2. Service
  • Professional
  • Managed

By Mode of Payment

  • Digital Currencies
  • Bank Cards
  • Digital Wallets
  • Net Banking
  • Point of Sale
  • Others

By Deployment

  • On-Premise
  • Cloud

By Organization Size

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

By Sector

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail/E-Commerce
  • Healthcare
  • Hospitality/Travel
  • Logistics and Transportation
  • Others

By Region

  • North India
  • South India
  • East India
  • West India

 

  1. Research Framework
    1. Research Objective
    2. Product Overview
    3. Market Segmentation
  2. Research Methodology
    1. Qualitative Research
      1. Primary & Secondary Research
    2. Quantitative Research
    3. Market Breakdown & Data Triangulation
      1. Secondary Research
      2. Primary Research
    4. Breakdown of Primary Research Respondents, By Region
    5. Assumption & Limitation
  3. Executive Summary
  4. India Digital Payment Market Insights
    1. Industry Value Chain Analysis
    2. DROC Analysis
      1. Growth Drivers
      2. Restraints
      3. Opportunities
      4. Challenges
    3. Technological Landscape/Recent Development
    4. Pricing Analysis
    5. Regulatory Framework
    6. PESTEL Analysis
    7. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
  5. India Digital Payment Market Overview
    1. Market Size & Forecast by Value, 2018-2028
      1. By Value (USD Million)
    2. Market Share & Forecast
      1. By Offering
        1. Solution
          1. Payment Gateway
          2. Processing
          3. Payment Wallet
          4. Security and Fraud Management
          5. Point of Sale
          6. Others
        2. Service
          1. Professional
          2. Managed
      2. By Deployment
        1. On-Premise
        2. Cloud
      3. By Organization Size
        1. Small Enterprises
        2. Medium Enterprises
        3. Large Enterprises
      4. By Sector
        1. Banking, Financial Services and Insurance (BFSI)
        2. Retail/E-Commerce
        3. Healthcare
        4. Hospitality/Travel
        5. Logistics and Transportation
        6. Others
      5. By Region
        1. North India
        2. South India
        3. East India
        4. West India
  6. Competitive Landscape
    1. List of Key Players and their Offerings
    2. Global Players Market Share Analysis, 2021
    3. Competitive Benchmarking, By Operating Parameters
    4. Key Strategic Development (Merger, Acquisition, Business Expansion, Agreement, Partnership and Product Launch)
  7. Impact of COVID-19 on India Digital Payment Industry
  8. Company Profile (Company Overview, Financial Matrix, Competitive landscape, Key Personnel, Key Competitors, Contact Address, and Strategic Outlook) **
    1. PayPal
    2. PayU
    3. Paytm
    4. CCAvenue
    5. Razorpay
    6. Instamojo
    7. Cashfree Payments
    8. EBS
    9. PhonePe
    10. Cred
    11. Zeta
    12. BharatPe
    13. BillDesk
    14. Google Pay
    15. Dhani
    16. BHIM Axis Pay
    17. MobiKwik
    18. Amazon Pay
    19. Yono by SBI
    20. HDFC PayZapp
    21. ICICI Pockets
    22. Other Prominent Players
  9. Key Strategic Recommendations

 

Note:

  • Financial Information of non-listed companies will be provided as per the availability.
  • The segmentation and the companies are subjected to modification based on in-depth secondary study for the final deliverable.

 

 

List of Figures

 

Figure 1        India Digital Payment Segmentation

Figure 2        India Digital Payment Market Value Chain Analysis

Figure 3        Company Market Share Analysis, 2021

Figure 4        India Digital Payment Market Size, By Value (USD Million), 2018-2028

Figure 5        India Digital Payment Market Share, By Offering, By Value, 2018-2028

Figure 6        India Digital Payment Market Share, By Deployment, By Value, 2018-2028

Figure 7        India Digital Payment Market Share, By Organization Size, By Value, 2018-2028

Figure 8        India Digital Payment Market Share, By Sector, By Value, 2018-2028

Figure 9        India Digital Payment Market Share, By Region, By Value, 2018-2028

 

List of Tables

 

Table 1         India Digital Payment Market Size, By Offering, By Value, 2018-2028

Table 2         India Digital Payment Market Size, By Deployment, By Value, 2018-2028

Table 3         India Digital Payment Market Size, By Organization Size, By Value, 2018-2028

Table 4         India Digital Payment Market Size, By Sector, By Value, 2018-2028

Table 5         India Digital Payment Market Size, By Region, By Value, 2018-2028

Table 4         PayPal Company Overview

Table 5         PayPal Financial Overview

Table 6         PayU Company Overview

Table 7         PayU Limited Financial Overview

Table 8         Paytm Company Overview

Table 9         Paytm Financial Overview

Table 10 CCAvenue Company Overview

Table 11 CCAvenue Financial Overview

Table 12 Razorpay Company Overview

Table 13 Razorpay Financial Overview

Table 14 Instamojo Company Overview

Table 15 Instamojo Financial Overview

Table 16 Cashfree Payments Company Overview

Table 17 Cashfree Payments Financial Overview

Table 18 EBS Company Overview

Table 19 EBS Company Financial Overview

Table 20 PhonePe Company Overview

Table 21 PhonePe Financial Overview

Table 22 Cred Company Overview

Table 23 Cred Financial Overview

Table 24 Zeta Company Overview

Table 25 Zeta Financial Overview

Table 26 BharatPe Company Overview

Table 27 BharatPe Financial Overview

Table 28 BillDesk Company Overview

Table 29 BillDesk Financial Overview

Table 30 Google Pay Company Overview

Table 31 Google Pay Financial Overview

Table 32 Dhani Company Overview

Table 33 BHIM Axis Pay Financial Overview

Table 34 MobiKwik Company Overview

Table 35 MobiKwik Financial Overview

Table 36 Amazon Pay Company Overview

Table 37 Amazon Pay Financial Overview

Table 38 YONO by SBI Company Overview

Table 39 YONO by SBI Financial Overview

Table 40 HDFC PayZapp Company Overview

Table 41 HDFC PayZapp Financial Overview

Table 42 ICICI Pockets Company Overview

Table 43 ICICI Pockets Financial Overview

Market Segmentation

By Offering

  1. Solution
      • Payment Gateway
      • Processing
      • Payment Wallet
      • Security and Fraud Management
      • Others
  2. Service
  • Professional
  • Managed

By Mode of Payment

  • Digital Currencies
  • Bank Cards
  • Digital Wallets
  • Net Banking
  • Point of Sale
  • Others

By Deployment

  • On-Premise
  • Cloud

By Organization Size

  • Small Enterprises
  • Medium Enterprises
  • Large Enterprises

By Sector

  • Banking, Financial Services, and Insurance (BFSI)
  • Retail/E-Commerce
  • Healthcare
  • Hospitality/Travel
  • Logistics and Transportation
  • Others

By Region

  • North India
  • South India
  • East India
  • West India
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