Press Releases

India Payment Market to be Aided by the Expected Growth in the Global Payment Market at a CAGR of 11% in the Forecast Period of 2019-2024.

Expert Market Research Thumbnail Image

"According to a new report by EMR titled, ‘India Payment Market Report and Forecast 2019-2024’, the India payment market is being driven by the growing global payment market, which attained a value of nearly USD 2.1 trillion in 2018. It is further projected to grow at a CAGR of 11% between 2019 and 2024 to reach USD 4 trillion by 2024."

The India payment market is witnessing a healthy growth supported by the rising global payment market and a need to adopt digitalisation at the global level. Though cash remains the leading method of payment at the point of sale, different payment methods have developed with time to increase customer satisfaction by offering the right mix of payment options. The use of cash is on a decline, globally, due to the introduction of new payment options, which are more convenient and hassle-free. India, with one of the largest global youth populations, provides a large consumer base to the payment market, thus, aiding the market further.

M-commerce adoption is increasing steadily in India with higher smartphone and mobile internet penetration, which is a major driver propelling the market further. PayPal Holdings Inc (NASDAQ: PYPL), a leading American company operating online payments system, globally, is used by over 250 million customers. In November 2017, PayPal, aiming to enhance its market, launched domestic operations in India under PayPal Payments Private Limited to provide digital payment solutions for merchants and customers in India. Now, over 10.7 million buyers are using PayPal in the Asia Pacific. In 2018, in a bid to penetrate the payments sector in India, leading companies like Alibaba Group Holding Limited (NYSE: BABA) and Berkshire Hathaway Inc. (NYSE: BRK.B), invested in Paytm, which operates as India’s largest digital wallet company. Moreover, in November 2018, Paytm launched a new feature, providing a platform to the consumers for making online insurance payments as well, partnering with several popular insurers like LIC, ICICI Prudential Life, and others, thus, proving to be extremely convenient for people and expanding its market.

Market Breakup by Method, Industry Verticals, and Regions:

  • By method, the India payment market can be divided into cash, debit card, credit card, e-wallet, and pre-paid card, among others.
  • The India payments market finds application in different industry verticals like retail, hospitality, and utilities and telecommunication, among other sectors.
  • North, South, West, and East are the different regions for the Indian market.

Key Findings of the Report:

  • The India payment market is driven by the increasing penetration of smartphones and internet in the country. 
  • The large youth population, looking for hassle-free experience, is further aiding the market. 
  • The Indian government has taken several steps to promote digital mode of payments, aiming to transform India into a cashless economy, thus, providing a significant growth opportunity.
  • Also, the online payment platforms provide attractive rewards to the consumers, propelling the market forward.

Key Offerings of the Report:

  • The EMR report gives a detailed insight into the methods, industry verticals, and regional markets of the India payment market for the periods (2014-2018) and (2019-2024). 
  • An overview of the global payment market has also been provided with the report for the historical (2014-2018) and forecast (2019-2024) periods.

The major integrated/non-integrated mPOS providers in the India payment market are Mswipe, Pine Labs, EPaisa, Mosambee, MobiSwipe Technologies Private Limited, ICICI Merchant Services, MRL Posnet, BijliPay, PayUmoney, Ezetap and PayTM, among others, while the major players providing e-wallet service are PayTM, Mobikwik, PayUMoney, FreeCharge, and Oxigen, among others. The report by EMR looks into the market share, capacity, and latest developments of these major players like mergers and acquisitions, capacity expansions, and plant turnarounds.

About Us:

EMR is a leading business intelligence firm, providing custom and syndicated market reports along with consultancy services for our clients. We serve a wide client base ranging from Fortune 1000 companies to small and medium enterprises. Our reports cover over 100 industries across established and emerging markets researched by our skilled analysts who track the latest economic, demographic, trade and market data globally.

At EMR, we tailor our approach according to our clients’ needs and preferences, providing them with valuable, actionable and up-to-date insights into the market, thus, helping them realize their optimum growth potential. We offer market intelligence across a range of industry verticals which include Pharmaceuticals, Food and Beverage, Technology, Retail, Chemical and Materials, Energy and Mining, Packaging and Agriculture.

Contact Us:

Expert Market Research
Website: www.expertmarketresearch.com
Email:
sales@expertmarketresearch.com
US & Canada Phone no: +1-415-325-5166
UK Phone no: +44-702-402-5790

Purchase Options  

Buy Now  

Call us on

( USA & Canada )
+1-415-325-5166
us.sales@expertmarket
research.com
( United Kingdom )
+44-702-402-5790
uk.sales@expertmarket
research.com
Send Enquiry  

"India Payment Market: By Method: Cash, Debit Card, Credit Card, eWallet, Pre-Paid Card; By Industry Verticals: Retail, Hospitality, Utilities & Telecommunication; By Region: North, South, West, East; Historical Production and Consumption (2014-2018); Production and Consumption Forecast (2019-2024); SWOT Analysis; Porter’s Five Forces Analysis; Competitive Landscape & Company Profile; Events and Developments"

Why Expert Market Research?

Right People

We are technically excellent, strategic, practical, experienced and efficient; our analysts are hand-picked based on having the right attributes to work successfully and execute projects based on your expectations.

Right Methodology

We leverage our cutting-edge technology, our access to trusted databases, and our knowledge of the current models used in the market to deliver you research solutions that are tailored to your needs and put you ahead of the curve.

Right Price

We deliver in-depth and superior quality research in prices that are reasonable, unmatchable, and shows our understanding of your resource structure. We, additionally, offer attractive discounts on our upcoming reports.

Right Support

Our team of expert analysts are at your beck and call to deliver you optimum results that are customised to meet your precise needs within the specified timeframe and help you form a better understanding of the industry.

Similar Reports

Stay informed with our free industry updates.