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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 2021-2026.

According to a new report by EMR titled, ‘India Payment Market Report and Forecast 2021-2026’, the India payment market is being driven by the growing global payment market, which attained a value of nearly USD 2.3 trillion in 2020. It is further projected to grow at a CAGR of 11% between 2021 and 2026 to reach USD 4.4 trillion by 2026.

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 (2016-2020) and (2021-2026). 
  • An overview of the global payment market has also been provided with the report for the historical (2016-2020) and forecast (2021-2026) 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:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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