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India Payment Market: By Method: Cash, Debit Card, Credit Card, eWallet, Pre-Paid Card, Others; By Industry Verticals: Retail, Hospitality, Utilities & Telecommunication, Othets; Regional Analysis; Historical Market and Forecast (2016-2026); Market Dynamics; Competitive Landscape; Industry Events and Developments

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 2.3 trillion in 2020. It is estimated to grow at a CAGR of 11% in the forecast period of 2021-2026. The global payment market is further projected to attain a value of USD 4.4 trillion by 2026.

 

India Payment Market

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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:

 

India Payment Market By Method

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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 By Region

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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.

 

REPORT FEATURES DETAILS
Base Year 2020
Historical Period 2016-2020
Forecast Period 2021-2026
Scope of the Report Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment- Method, Industry Verticals, Region
Breakup by Method Cash, Debit Card, Credit Card, eWallet, Prepaid Card, Others
Breakup by Industry Verticals Retail, Hospitality, Utilities & Telecommunication, Others
Breakup by Region North India, South India, West India, East India
Market Dynamics SWOT, Porter's Five Forces, EMR’s Key Indicators for Price and Demand
Competitive Landscape Market Structure, Company Profiles- Company Overview, Product Portfolio, Demographic Reach and Achievements, Certifications
Companies Covered 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., PayTM, Mobikwik, Others
Report Price and Purchase Option Explore our purchase options that are best suited to your resources and industry needs.
Delivery Format Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option.

 

*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.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Snapshot
    6.1    India
    6.2    Regional
7    Industry Opportunities and Challenges
8    Global Payments Market Analysis

    8.1    Global Payments Historical Market (2016-2020) 
    8.2    Global Payments Market Forecast (2021-2026)
    8.3    Global Payments Market by Method
        8.3.1    Cash
        8.3.2    Debit Card
        8.3.3    Credit Card
        8.3.4    eWallet
        8.3.5    Prepaid Card
        8.3.6    Others
    8.4    Global Payments Market by Region
        8.4.1    North America
        8.4.2    Europe
        8.4.3    Asia Pacific
        8.4.4    Latin America
        8.4.5    Middle East and Africa
9    India Payments Market Analysis
    9.1    Key Industry Highlights
    9.2    India Payments Historical Market (2016-2020) 
    9.3    India Payments Market Forecast (2021-2026)
    9.4    India Payments Market by Method
        9.4.1    Cash
            9.4.1.1    Market Share
            9.4.1.2    Historical Trend (2016-2020)
            9.4.1.3    Forecast Trend (2021-2026)
        9.4.2    Debit Card
            9.4.2.1    Market Share
            9.4.2.2    Historical Trend (2016-2020)
            9.4.2.3    Forecast Trend (2021-2026)
        9.4.3    Credit Card
            9.4.3.1    Market Share
            9.4.3.2    Historical Trend (2016-2020)
            9.4.3.3    Forecast Trend (2021-2026)
        9.4.4    eWallet
            9.4.4.1    Market Share
            9.4.4.2    Historical Trend (2016-2020)
            9.4.4.3    Forecast Trend (2021-2026)
        9.4.5    Prepaid Card
            9.4.5.1    Market Share
            9.4.5.2    Historical Trend (2016-2020)
            9.4.5.3    Forecast Trend (2021-2026)
        9.4.6    Others
    9.5    India Payments Market by Industry Verticals
        9.5.1    Retail
            9.5.1.1    Market Share
            9.5.1.2    Historical Trend (2016-2020)
            9.5.1.3    Forecast Trend (2021-2026)
        9.5.2    Hospitality
            9.5.2.1    Market Share
            9.5.2.2    Historical Trend (2016-2020)
            9.5.2.3    Forecast Trend (2021-2026)
        9.5.3    Utilities & Telecommunication
            9.5.3.1    Market Share
            9.5.3.2    Historical Trend (2016-2020)
            9.5.3.3    Forecast Trend (2021-2026)
        9.5.4    Others
    9.6    India Payments Market by Region
        9.6.1    Market Share
            9.6.1.1    North India
            9.6.1.2    South India
            9.6.1.3    West India
            9.6.1.4    East India
10    Market Dynamics
    10.1    SWOT Analysis
        10.1.1    Strengths
        10.1.2    Weaknesses
        10.1.3    Opportunities
        10.1.4    Threats
    10.2    Porter’s Five Forces Analysis
        10.2.1    Supplier’s Power
        10.2.2    Buyer’s Power
        10.2.3    Threat of New Entrants
        10.2.4    Degree of Rivalry
        10.2.5    Threat of Substitutes
    10.3    EMR’s Key Indicators for Demand
    10.4    EMR’s Key Indicators for Price
11    Value Chain Analysis
12    Competitive Landscape

    12.1    Market Structure
    12.2    Company Profiles
        12.2.1    Mswipe Technologies Pvt. Ltd.  
            12.2.1.1    Company Overview
            12.2.1.2    Product Portfolio
            12.2.1.3    Demographic Reach and Achievements
            12.2.1.4    Certifications
        12.2.2    Pine Labs Private Limited
            12.2.2.1    Company Overview
            12.2.2.2    Product Portfolio
            12.2.2.3    Demographic Reach and Achievements
            12.2.2.4    Certifications
        12.2.3     ePaisa Services Private Limited. 
            12.2.3.1    Company Overview
            12.2.3.2    Product Portfolio
            12.2.3.3    Demographic Reach and Achievements
            12.2.3.4    Certifications
        12.2.4    Mosambee Payment Solutions Private Limited.
            12.2.4.1    Company Overview
            12.2.4.2    Product Portfolio
            12.2.4.3    Demographic Reach and Achievements
            12.2.4.4    Certifications
        12.2.5    MobiSwipe Technologies Private Limited
            12.2.5.1    Company Overview
            12.2.5.2    Product Portfolio
            12.2.5.3    Demographic Reach and Achievements
            12.2.5.4    Certifications
        12.2.6    ICICI Merchant Services Pvt. Ltd.
            12.2.6.1    Company Overview
            12.2.6.2    Product Portfolio
            12.2.6.3    Demographic Reach and Achievements
            12.2.6.4    Certifications
        12.2.7    PayTM 
            12.2.7.1    Company Overview
            12.2.7.2    Product Portfolio
            12.2.7.3    Demographic Reach and Achievements
            12.2.7.4    Certifications
        12.2.8    Mobikwik
            12.2.8.1    Company Overview
            12.2.8.2    Product Portfolio
            12.2.8.3    Demographic Reach and Achievements
            12.2.8.4    Certifications
        12.2.9    Others
13    Industry Events and Developments


List of Figures and Tables

1.    Global Payment Historical Market (2016-2020) & Forecast (2021-2026)
2.    Global Payments Historical Market: Breakup by Method (USD Million), 2016-2020
3.    Global Payments Market Forecast: Breakup by Method (USD Million), 2021-2026
4.    India Payments Market: Key Industry Highlights, 2016 and 2026
5.    India Payments Historical Market: Breakup by Method (USD Million), 2016-2020
6.    India Payments Market Forecast: Breakup by Method (USD Million), 2021-2026
7.    India Payments Historical Market: Breakup by Industry Vertical (USD Million), 2016-2020
8.    India Payments Market Forecast: Breakup by Industry Vertical (USD Million), 2021-2026
9.    India Payments Historical Market: Breakup by Region (USD Million), 2016-2020
10.    India Payments Market Forecast: Breakup by Region (USD Million), 2021-2026
11.    North India Payments Historical Market: Breakup by State (USD Million), 2016-2020
12.    North India Coatings Market Forecast: Breakup by State (USD Million), 2021-2026
13.    South India Coatings Historical Market: Breakup by State (USD Million), 2016-2020
14.    South India Coatings Market Forecast: Breakup by State (USD Million), 2021-2026
15.    West India Coatings Historical Market: Breakup by State (USD Million), 2016-2020
16.    West India Payments Market Forecast: Breakup by State (USD Million), 2021-2026
17.    East India Payments Historical Market: Breakup by State (USD Million), 2016-2020
18.    East India Payments Market Forecast: Breakup by State (USD Million), 2021-2026
19.    India Payments Market Structure

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 2020. The global payment market is expected to witness a further growth in the forecast period of 2021-2026, growing at a CAGR of 11%. The market is projected to reach USD 4.4 trillion by 2026.

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 (2016-2020)?
  • What is the forecast assessment of the industry for 2021-2026?
  • 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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