India Payment Services Market, Industry, Market Revenue, Market Sales, Market Shares, Market Major Players, Market Growth and Analysis: Ken Research REQUEST FOR SAMPLE REPORT Buy Now Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Overview of India Payment Service Market India payment services market, which has traditionally been dominated by cash, witnessed advancement towards digital transactions both in terms of value and volume during the demonetization phase in India. The total market size for the India Payment service market has raised from INR ~ trillion in FY’16 to INR ~ trillion in FY21, during the review period. Regulatory authorities such as the Reserve Bank of India (RBI) and the National Payments Corporation of India (NPCI) play a major role in establishing guidelines for effective working within India’s payments landscape. In India, merchant payments were observed to be the central aspect of all payment services for large enterprises as well as MSMEs. In addition to this, emergence of consumer mobile wallets in India, and UPI, especially for retail transactions has helped consumers with person-to-person funds transfer, therefore facilitating small value transactions. Surge in growth of electronic payments in India, along with rising E-commerce and M-commerce transactions are further expected to give a boost to numerous entities including payment gateway service providers and payment aggregators that facilitate online payments in the country. Besides all these advancements, cash still dominates the entire payment landscape in India and is further expected to hold a majority share in future. India Payment Market Segmentation The advent of innovative electronic payment systems that leverage on technology which can be used through internet and mobile, has led to electronic payment systems dominating the retail payment space with around ~% share in terms of volume and ~% share in terms of value during the FY’20. Increased mobile and internet penetration in the country has resulted in significant shift towards use of mobile / internet based payment systems for effecting payments for purchase of goods and services. Credit transfers from payment methods such as UPI, AePS, ABPS, IMPS have the highest share (~%) among modes of payment in India payment service market, followed by Card Payments, which constitute ~% of the total market. Indian Payment Service Market Future Outlook and Projections, FY’21-FY’26 The India Payment Service Market is expected to grow at a CAGR of till 2026, reaching a market size of INR ~ Trillion. Growth in digital payments in India will be driven by multiple factors such as the launch of new and innovative payment products, increase demand for cashless transaction due to Covid19, increasing smartphone adoption, a growing need for faster payment modes, and a strong push from the Government and regulators towards adoption of digital channels. The digital payment ecosystem will flourish with continuous efforts from the Government, regulators and payment companies to increase awareness and trust. We believe that the future success of digital payments will be driven mainly by the factors such as overlay services, contextual payments, offline payments, invisible payments, etc. Role of Regulatory Authorities (RBI, NPCI) in the Indian Payment Service Market Reserve Bank of India The PSS Act along with the Payment and Settlement System Regulations, 2008 underlines the role of RBI as the sole regulator to oversee the payments market and no other person or entity can operate a payment system in India unless authorized by RBI. RBI has been instrumental in supporting the government’s digitalization narrative, be it setting up of NPCI for managing digital payments in the retail sector or strengthening the bank’s infrastructure for technological driven operations. National Payment Corporation of India NPCI, the brainchild of RBI and Indian Banks’ Association (IBA), has revolutionized the retail payment system since its incorporation. By launching services and platforms to transform the Indian digital payment ecosystem, NPCI has proven to be one of the major organizations for the implementation of digital payments in Indian economy. Snapshot of Credit Card And Debit Card Coverage In India While the shift towards a more cashless economy is a threat to the credit/debit card market, it has maintained a healthy growth rate attributing to the fact that it is now a staple to opening a bank account in India. Plastic cards for instance, ATM cards, debit and credit cards are now being used by customers as an electronic payment tool, thereby helping in clearing and settling the payment process. Increasing penetration of credit cards in metro areas coupled with rising usage of RuPay cards in tier 2 and tier 3 cities are some of the driving forces in India consumer payments landscape. In terms of total number of outstanding cards, credit cards were observed to grow at a five year CAGR of ~ % whereas; debit cards grew at a five year CAGR of ~ % during the review period FY’2016-FY’2021. Unified Payments Interface (UPI) Consumer Payment Landscape As of August 2021, UPI forms XX% of all retail payment in India. From financial year 2015-21, the domestic retail payment by value on UPI grew at XX% at compound annual growth rate while between 2017 and 2021, the collective payment on all forms of UPI grew at XX% CAGR. The year 2020 set a new record for Unified Payment Interface (UPI) transactions in India. The total UPI transactions in 2020 reached the figure of XX Billion in 2020. In comparison, the total amount of UPI transactions was XX Billion in 2019, a surge of XX% in transaction volume. As of 31st March 2021, there are XX banks available on UPI. Immediate Payment Service (IMPS) Consumer Payment Landscape IMPS are a multi-channel system that can be accessed using mobile, ATM, internet banking, bank branches, BCs, etc. Besides banks, the system allows non-bank entities such as PPI issuers to participate and facilitate remittances from wallets to the recipient bank accounts. From FY’14 to FY’21, IMPS transactions have seen a rise of CAGR XX% in terms of value. This has been primarily driven by wide-scale adoption of IMPS, with over XX banks live on IMPS in FY’21, along with the huge number of co-operative banks as the operators helping IMPS to be available to a large chunk of rural population. Adhaar Enabled Payment System (AePS) Consumer Payment Landscape Adhaar Enabled Payment System (“AePS”) has been operational since January 2011. It allows online interoperable transactions at Micro-ATM through the BCs of any bank using Adhaar authentication. While Mainline Commercial Banks have the largest share among the institutions live on AePS, Regional Rural banks and Co-operative banks have ~XX% share. This is a common theme among non-internet/non-smartphone payment methods, where rural banks see larger chunks of transactions in the rural and non-metro areas. Unstructured Supplementary Service Data – Bharat Interface for Money (Ussd-Bhim) Consumer Payment Landscape With growing mobile density, banks started offering mobile banking services to their customers using the USSD channel through bilateral tieups with individual telecom providers. The rise in USSD-BHIM transactions has been steady in the last few years, with a surge in usage in FY’21 (XX%), which can be attributed to the comparative recovery in FY’21 from the Covid pandemic. The usage of SMS rather than internet has allowed those without access to internet and smart-phones to have access to cashless payment alternative. Key Segments Covered in India Payment Services Market:- India Payment Services Market By Payment Card Usage (Cash Payments and Cash Withdrawals) By Number of Outstanding Debit Cards (PSU and Private Banks) By Number of Outstanding Debit Cards: Market Share of Banks (State Bank of India, Bank of Baroda, Paytm Payments Bank, Punjab National Bank, Union Bank of India, Bank of India, Canara Bank, ICICI Bank and others) By Number of Outstanding Credit Cards (PSU and Private Banks) By Number of Outstanding Credit Cards: Market Share of Banks (HDFC Bank, State Bank of India, ICICI Bank, Axis Bank, Ratnakar Bank, Citi Bank, Kotak Mahindra Bank, American Express and others) By Modes of Payment (RTGS, Credit Transfers, Debit Transfers, Direct Debits and Card Payments) Credit and Debit Card Coverage By Number of Credit Card Transactions (PoS and ATM) By Credit Card Transaction Value (PoS and ATM) By Number of Debit Card Transactions (PoS and ATM) By Debit Card Transaction Value (PoS and ATM) By Number of ATMs and PoS Terminals By Number of Outstanding Cards (Credit and Debit Cards) Immediate Payment Service (IMPS) Consumer Payment Landscape By Type of Institution (Small Finance Bank, PSU, Private and Payments Bank, Public and Private Institutions, Regional Rural Bank and Co-operative Banks) Aadhaar Enabled Payment System (AePS) Consumer Payment Landscape By Types of Banks: Number of AePS Operator (Mainline Commercial Banks, Regional Rural Banks, Co-operative Banks, Payment Banks and Small Finance Banks) India PoS Terminal Market By Number of Terminals (Active and Inactive Terminals) By Metro and Non-metro cities By End User Industry (Large Enterprises, SME’s and Micro Merchants) By Metro and Non-metro cities Key Target Audience:- Banks and Financial Institutions Cash Reconciliation Companies Payment Aggregators Payment Network Companies Payment Interface Companies M-Wallet Companies Payment Gateway Companies PoS Terminal Companies M-PoS Terminal Companies Time Period Captured in the Report:- Historical Period: FY’15-FY’21 Forecast Period: FY’21-FY’26E Payment Service Companies in India:- M-Wallet Companies Paytm Mobikwik Freecharge Oxigen Telecom Operators (Jio Money, Airtel Money, Idea Money, Vodafone M-Pesa) Others (SBI Buddy, PayZapp by HDFC, Pockets by ICICI and other bank wallets) Payment Gateway Companies PayU Paypal Razorpay Others (CC Avenue and Citruspay) PoS Terminal Companies Ingenico Verifone India PineLabs PAX Technologies Ezetap Itzcash M-PoS Companies M-Swipe Payswiff Mosambee Bijlipay Key Topics Covered in the Report:- India Payment Services Market Regulatory Framework in India Payment Services Market India Payment Services Market Segmentation India Payment Services Market Future Outlook and Projections Credit and Debit Card Coverage Immediate Payment Service (IMPS) Consumer Payment Landscape Aadhaar Enabled Payment System (AePS) Consumer Payment Landscape Unstructured Supplementary Service Data – Bharat Interface for Money (USSD-BHIM) Consumer Payment Landscape Unified Payments Interface (UPI) Consumer Payment Landscape Cross Comparison of Different Payment Modes (IMPS, AePS, USSD-BHIM and UPI) in India Payment Services Market India Bill Payment Market India Omni-Channel Payments Processing Market India Bank Reconciliation Software Market India Digital Payment Market India Cloud Security Services Market India Payment Security Services Market India M-Wallet Market Market Share of M-Wallet Players in India Competitive Landscape of India M-Wallet Market Trends and Developments in India M-Wallet Market India Payment Gateway Market India Point of Sale (PoS) Terminal Market India Point of Sale (PoS) Terminal Competitive Landscape India Point of Sale (PoS) Terminal Market Segmentation India Point of Sale (PoS) Terminal Market Future Outlook and Projections India m-PoS Market CUG Cards / Prepaid Closed Loop Cards Cloud / Security Outsourcing in Payments Technology Government Regulations Assessment of COVID Impact on Contactless Transactions and POS Terminals Coverage on OMC Digital Space For More Information, refer to below link:- India Payment Services Market Related Reports:- Asia Credit Cards Market Outlook to 2025 – By Commercial and Personal Credit Cards; By Transactions at ATM and POS Terminals; by Total Cards in Circulation; Transaction Value and Volume through Issuers and Operators; and by Countries (Japan, South Korea, India, China, Indonesia, Philippines, Singapore and Others Global Payment Gateway Market Outlook to 2024 – By Region (APAC, North America, Europe, Middle East and Africa, and Latin America) and End-User Industry (Retail, Transportation, Government, Banking and Financial, Telecommunications and Others) India ATM Cash Management Market Forecast to 2023 – ATM Replenishment, Cash in Transit, Cash Pickup and Delivery and Vaulting Services, Bullion Management, and Cash Processing Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications Support@kenresearch.com +91-9015378249 Post Views: 55 Tags: Airtel Money M-Wallet Payment Service Market Shares, Bank of India Payment Services Market, Bijlipay M-PoS Market Revenue, Covid-19 Impact India Payment Services Industry, Covid-19 Impact India Payment Services Market, Evaluation Study India Payment Services Market, Evaluation Summary Report India Payment Services Market, Evaluative Survey India Payment Services Market, Ezetap PoS Terminal Market Revenue, Freecharge M-Wallet Payment Service Market Revenue, HDFC PayZapp Payment Service Market Sales, ICICI Pockets Payment Service Market Shares, Idea Money M-Wallet Payment Service Market Shares, India Aadhaar Enabled Payment System (AePS), India Adhaar Enabled Payment System (AEPS) Consumer Payment Market, India Bank Reconciliation Software Market, India Bharat Bill Payment System (BBPS), India Bharat E-Commerce Payment Gateway (BEPG), India Bharat Interface for Money (USSD-BHIM) Consumer Payment Market, India bill payment market, India Canara Bank Payment Services Market, India Cash Reconciliation Companies, India Cloud Security Services Market, India Digital Payment Market, India ICICI Bank Payment Services Market, India Immediate Payment Service (IMPS), India Large Enterprises PoS Terminal Market, India M-PoS Terminal Companies, India m-PoS Terminal Market, India M-Wallet Companies, India M-Wallet Competition Analysis, India M-Wallet Market, India M-Wallet Market Size, India Metro Cities PoS Terminal Market, India Micro Merchants PoS Terminal Market, India Non Metro Cities PoS Terminal Market, India Omni-Channel Payments Processing Market, India Payment Gateway Companies, India Payment Gateway Market, India Payment Network Companies, India Payment Security Services Market, India Payment Services Due Diligence Report, India Payment Services Growth Strategy Market Report, India Payment Services Industry, India Payment Services Industry Research Report, India Payment Services Market, India Payment Services Market Analysis, India Payment Services Market Competition, India Payment Services Market Competition Benchmarking, India Payment Services Market Evaluation Report, India Payment Services Market Forecast, India Payment Services Market Future Outlook, India Payment Services Market Growth, India Payment Services Market Major Players, India Payment Services Market Research Report, India Payment Services Market Revenue, India Payment Services Market Revenue Forecasting, India Payment Services Market Sales, India Payment Services Market Shares, India Payment Services Market Size, India Payment Services Market Trends, India Point of Sale (PoS) Terminal Market, India PoS Terminal Companies, India PoS Terminal Market, India PoS Terminal Market Size, India Punjab National Bank Payment Services Market, India Small Finance Bank IMPS Consumer Payment Market, India Unified Payments Interface (UPI) Consumer Payment Market, India Union Bank of India Payment Services Market, Industry Research Report Of India Payment Services, Ingenico PoS Terminal Market Shares, Itzcash PoS Terminal Market Shares, Jio Money M-Wallet Payment Service Market Shares, M-Swipe M-PoS Market Revenue, Market Research Report Of India Payment Services, Market Share of India M-Wallet Players, Mobikwik M-Wallet Payment Service Market Shares, Mosambee M-PoS Market Revenue, Oxigen M-Wallet Payment Service Market Sales, PAX Technologies PoS Terminal Market Shares, Payment Services Industry In India, Payment Services Market in India, Paypal Payment Gateway Market Shares, Payswiff M-PoS Market Revenue, Paytm M-Wallet Payment Service Market Sales, Paytm Payments Bank Payment Services Market, PayU Payment Gateway Market Sales, PineLabs PoS Terminal Market Sales, Razorpay Payment Gateway Market Sales, SBI Buddy Payment Service Market Shares, Social Evaluation Research India Payment Services Market, State Bank of India Payment Services Market, Verifone India PoS Terminal Market Shares, Vodafone M-Pesa M-Wallet Payment Service Market Sales, Write An Evaluation Report On India Payment Services Market