Growing initiatives by the government for the promotion of digital and online payments is expected to drive the growth of India payment processing solutions market
According to TechSci Research report, “India Payment Processing Solutions Market By Payment Method (Credit Card, Debit Card, E-wallet), By End User Industry (Retail, Hospitality, Utilities, Telecommunication, Others), By Region, Competition, Forecast & Opportunities, 2025” the India payment processing solutions market is expected to grow at a formidable during the forecast period owing to the increased promotion and strategies adopted by various government and non-government authorities to promote digital payment methods. Additionally, growing usage of online payment methods since they provide convenience and easier transactions are further propelling the market in the country. Furthermore, the increased use of mobile commerce that includes monetary transactions completed with the help of a mobile device or a mobile app is anticipated to spur the market during forecast years. However, concerns pertaining to cyberattacks and data privacy associated with the digital payment methods can hamper the growth of market during forecast period. Additionally, non-availability of standardizations and regulations to carry out international transactions can further restrict the growth of market during forecast period.
Browse market data Tables and Figures spread through Pages and an in-depth TOC on " India Payment Processing Solutions Market"
The India payment processing solutions market is segmented based on payment method, end user industry, company and regional distribution. Based on payment method, the market can be categorized into credit card, debit card and E-wallet. The E-wallet segment is expected to be the fastest growing segment during forecast period owing to the increasing use of mobile phones and tablets for shopping activities. Based on end user industry, the market can be fragmented into retail, hospitality, utilities, telecommunication and others. The retail industry is expected to register the highest growth during the forecast period. This can be attributed to the rise in demand for instant payment settlements from retailers and merchants and growing trend for online shopping. Additionally, digital payments provide a competitive edge to retail businesses as these payments are faster and cheaper as compared to conventional payment methods.
PayPal, Paytm (One97 Communications), PayU Payments Private Limited, Razorpay Software Private Limited, Atom Paynetz Payment Gateway (FT Group), DirecPay, MobiKwik, EMVANTAGE Payments Private Limited, E-Billing Solutions Pvt Ltd., State Bank of India, HDFC Bank Ltd and others are some of the leading players operating in India payment processing solutions market. The companies operating in the market are using organic strategies such as product launches, mergers and collaborations to boost their share. For instance, in October 2018, PayPal India partnered with Mumbai Metro for allowing commuters to recharge their metro smart cards easily and digitally.
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“India payment processing solutions market is to witness significant growth during the forecast period owing to the accelerating rate of digitization and increase in the investment by payment processing companies. Additionally, the massive population in the country also contributes largely to the high volume of digital transactions along with rising domestic and international investments. Furthermore, the initiatives taken by the Indian government such as the ‘Digital India’ scheme are expected to boost the growth of market during the next five. For instance, in 2016, the "National Payments Corporation of India" (NPCI) launched "Unified Payments Interface" (UPI). During this time, the interface handled 93,000 transactions and by 2018, this number reached 312 million. It is estimated that digital transactions in India would reach around USD 1 trillion annually over the next few years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Payment Processing Solutions Market By Payment Method (Credit Card, Debit Card, E-wallet), By End User Industry (Retail, Hospitality, Utilities, Telecommunication, Others), By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of India payment processing solutions 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 India payment processing solutions market.
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