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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 (2015-2019); Production and Consumption Forecast (2020-2025); SWOT Analysis; Porter’s Five Forces Analysis; Competitive Landscape & Company Profile; Events and Developments

India Payment Market Key Insights:

 

  • Methods: Cash, Debit Card, Credit Card, E-Wallet and Pre-Paid Card, among others.
  • Market Analysis and Outlook 2020-2025
  • SWOT Analysis
  • Market Performance
  • Breakup by Region
  • Drivers
  • Competitive Landscape
  • Value Chain Analysis
  • Mergers and Acquisitions

 

Market Outlook

The India payment market is being driven by the growth of the global payment market. The global payment market stood at around USD 2.3 trillion in 2019. It is estimated to grow at a CAGR of 11% in the forecast period of 2020-2025. The global payment market is further projected to attain a value of USD 4.4 trillion by 2025.

India Payment Market Report and Forecast 2020-2025

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The Asia Pacific is the fastest growing payment market, accounting for about 47% of the global payment industry. Within the Asia Pacific, India is emerging as one of the significant payment markets due to increasing digitalisation. In India, the number of card transactions grew by 78% between 2016 and 2017. The shift from cash to e-wallets is aiding the industry growth in the country, which is further expected to increase rapidly in the forecast period.

Moreover, the Indian government through its ‘Digital India’ initiative has taken steps to transform India into a cashless digital economy, thus, further aiding the industry growth in the country. The large youth population of the country is also driving the industry growth. Although cash payments dominate the India payment industry currently, nearly 75% of India’s millennials prefer using mobile wallets at the point of sale (POS), which shows the scope of the industry in the coming future.

Properties and Applications

In the payment market, the transfer of money and payments between various people or accounts take place by different means or establishments, primarily engaged in payment processing. The payments can be made through various methods, which are as follows:

  • Cash
  • Debit Card
  • Credit Card
  • E-Wallet
  • Pre-Paid Card
  • Others

Though cash payments dominate the Indian economy, with the introduction of e-commerce, online transactions and m-wallets are gaining popularity. The India payment market finds its application in different industry verticals, which are:

  • Retail
  • Hospitality
  • Utilities and Telecommunication
  • Others

The India payment market can be divided into different regions, that is, North, South, West and East, which are further analysed in the report provided by EMR.

Market Analysis

The India payment market has seen a healthy growth due to the increasing digitalisation in the country. The advancement in science and technology is a major factor propelling the industry forward. The rapid urbanisation along with the increasing disposable incomes have contributed in industry growth.

The proliferation of the internet and mobile phones in the country is a significant factor propelling the industry forward. The increased use of smartphone in the country has resulted in the growth of diverse online payment options. With the introduction of m-wallets, the use of digital payment platforms has increased as they are easy to use and time saving. M-wallets also provides attractive rewards in the form of cashbacks and discounts to the consumers, thus, grabbing the attention of the people. India, having one of the largest global youth populations, shows immense scope for the industry growth. The youth look for hassle-free and convenient experience, thus, preferring online platforms for payment over cash, which further helps the industry.

Moreover, the government has taken several initiatives to promote digitalisation in India, particularly after demonetisation in 2016, resulting in the growth of industry. The initiatives like ‘Digital India’ and ‘Start-up India’ aim to transform India into a cashless digital economy, thus, aiding the industry growth. The programmes have created awareness among people about the online applications and have helped in acquiring the interest of the people. Also, the increasing use of the online applications for shopping, dining, and other purposes have proved to be helpful for the industry growth.

Competitive Landscape

The report provides a detailed analysis of the following major integrated/non-integrated mPOS providers in the India payment market:

  • Mswipe 
  • Pine Labs 
  • EPaisa 
  • Mosambee
  • MobiSwipe Technologies Private Limited
  • ICICI Merchant Services
  • MRL Posnet
  • BijliPay 
  • PayUmoney 
  • Ezetap 
  • PayTM
  • Others

Moreover, the major players providing e-wallet service to the customers in the India payment market are as follows:

  • PayTM
  • Mobikwik
  • PayUMoney
  • FreeCharge
  • Oxigen
  • Others

The EMR report provides a detailed analysis of these major players, covering their competitive landscape, capacity, and recent developments like mergers and acquisitions, investment, capacity expansion, and plant turnarounds. The comprehensive report assesses the industry based on the Porter’s Five Forces model. A SWOT analysis has also been given within the report.

1    Preface
    1.1    Objectives of The Study
    1.2    Key Findings of The Study 
2    Research Methodology
    2.1    Data Extraction
    2.2    Data Corroboration
    2.3    Market Structure
    2.4    Inference Data 
3    Executive Summary
    3.1    Market Overview
    3.2    Market Analysis
    3.3    Market Opportunity
    3.4    Market Threat
4    Global Payment Market Analysis
    4.1    Figure: Global Payment Historical Market (2015-2019) & Forecast (2020-2025)
    4.2    Chart: Global Payment Market Breakup by Method
        4.2.1    Cash
        4.2.2    Debit Card
        4.2.3    Credit Card
        4.2.4    eWallet
        4.2.5    Pre-Paid Card
        4.2.6    Others
    4.3    Chart: Global Payment Market Breakup by Region
        4.3.1    North America
        4.3.2    Europe
        4.3.3    Asia Pacific
        4.3.4    Latin America
        4.3.5    Middle East & Africa
5    India Payment Market Analysis
    5.1    Figure: India Payment Historical Market (2015-2019) & Forecast (2020-2025)
    5.2    Chart: India Payment Market Breakup by Method
        5.2.1    Cash
        5.2.2    Debit Card
        5.2.3    Credit Card
        5.2.4    eWallet
        5.2.5    Pre-Paid Card
        5.2.6    Others
    5.3    Figure: India Payment Market Breakup by Method: Historical Market (2015-2019) & Forecast (2020-2025)
        5.3.1    Cash
        5.3.2    Debit Card
        5.3.3    Credit Card
        5.3.4    eWallet
        5.3.5    Pre-Paid Card
        5.3.6    Others
    5.4    Chart: India Payment Market Breakup by Industry Verticals
        5.4.1    Retail
        5.4.2    Hospitality
        5.4.3    Utilities & Telecommunication
        5.4.4    Others
    5.5    Figure: India Payment Market Breakup by Industry Verticals: Historical Market (2015-2019) & Forecast (2020-2025)
        5.5.1    Retail
        5.5.2    Hospitality
        5.5.3    Utilities & Telecommunication
        5.5.4    Others
    5.6    Chart: India Payment Market Breakup by Region
        5.6.1    North
        5.6.2    South
        5.6.3    West
        5.6.4    East
    5.7    Figure: India Payment Market Breakup by Region: Historical Market (2015-2019) & Forecast (2020-2025)
        5.7.1    North
        5.7.2    South
        5.7.3    West
        5.7.4    East
6    SWOT Analysis
    6.1    Overview
    6.2    Strengths
    6.3    Weaknesses
    6.4    Opportunities
    6.5    Threats
7    Porter’s Five Forces Analysis
    7.1    Overview
    7.2    Buyer’s Power
    7.3    Supplier’s Power
    7.4    New Entrants
    7.5    Degree of Rivalry
    7.6    Substitutes
8    Competitive Landscape & Company Profile
    8.1    Market breakup by Integrated/Non-Integrated mPOS Provider (% Share)
        8.1.1    Mswipe 
        8.1.2    Pine Labs 
        8.1.3    EPaisa 
        8.1.4    Mosambee
        8.1.5    MobiSwipe Technologies Private Limited
        8.1.6    ICICI Merchant Services
        8.1.7    MRL Posnet
        8.1.8    BijliPay 
        8.1.9    PayUmoney 
        8.1.10    Ezetap 
        8.1.11    Others
    8.2    Market breakup by eWallet service Provider (% Share)
        8.2.1    PayTM
        8.2.2    Mobikwik
        8.2.3    PayUMoney
        8.2.4    FreeCharge
        8.2.5    Oxigen
        8.2.6    Others
9    Events and Developments

Analyst Review

The India payment market is being driven by the growth of the global payment market, which attained a value of around USD 2.3 trillion in 2019. The global payment market is expected to witness a further growth in the forecast period of 2020-2025, growing at a CAGR of 11%. The market is projected to reach USD 4.4 trillion by 2025.

EMR’s meticulous research methodology delves deep into the market, covering the macro and micro aspects of the industry. Based on mode or method of payment, the market can be segmented into cash, debit card, credit card, and E-Wallet, with cash payment dominating the market at present time while online transactions and e-wallets are expected to grow at the fastest rate in the coming future. On the basis of application, the industry can be divided into retail, hospitality, and utilities and telecommunication, among other industry verticals. The India payment industry has been divided into different regions, which are North, South, West and East. The key players providing integrated/non-integrated mPOS services in the above market include Mswipe, Pine Labs, EPaisa, Mosambee, MobiSwipe Technologies Private Limited, ICICI Merchant Services, MRL Posnet, BijliPay, PayUmoney, Ezetap, PayTM, and others. Further, the report also focuses on the major players providing e-wallet service in the India payment market, which include, PayTM, Mobikwik, PayUMoney, FreeCharge, Oxigen, and others.

The major drivers of the industry such as rising disposable incomes, increasing population, rising smartphone use, growing internet penetration, and increased awareness due to various government schemes to promote digitalisation are expected to aid the industry growth. EMR’s research methodology uses a combination of cutting-edge analytical tools and the expertise of their highly accomplished team, thus, providing their customers with industry insights that are accurate, actionable, and help them remain ahead of their competition.

EMR’s approach gives their clients a comprehensive assessment of the prevailing and projected industry conditions through the collection, collation, and analysis of data from trusted sources. The key questions answered in the market study are:

  • How has the India payment market performed in the previous years (2015-2019)?
  • What is the forecast assessment of the industry for 2020-2025?
  • What are the major industry drivers and constraints?
  • What are the major price and demand indicators of the India payment market?
  • What is the degree of competition in the India payment market?
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