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 2024-2032

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.

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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 (2018-2023) and (2024-2032). 

• An overview of the global payment market has also been provided with the report for the historical (2018-2023) and forecast (2024-2032) periods.

The major integrated/non-integrated mPOS and e-wallet service providers in the India payment market are Mswipe Technologies Pvt. Ltd., Pine Labs Private Limited, ePaisa Services Private Limited., Mosambee Payment Solutions Private Limited., MobiSwipe Technologies Private Limited, ICICI Merchant Services Pvt. Ltd., One97 Communications Ltd. (PayTM), Ezetap Mobile Solutions Private Limited, One MobiKwik Systems Limited, PayU Payments Private Limited, and Freecharge Payment Technologies Pvt. Ltd., 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.

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