India Payment Market Report and Forecast 2024-2032

India Payment 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 3.15 trillion in 2023. It is estimated to grow at a CAGR of 11% in the forecast period of 2024-2032. The global payment market is further projected to attain a value of USD 8.05 trillion by 2032.

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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.

India Payment Market Segmentation

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:

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• 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.

India Payment 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.

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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 and e-wallet service providers in the India payment market:

• 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 LimitedPayTM
• Freecharge Payment Technologies Pvt. Ltd
• 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.

Key Highlights of the Report