India Payment Services Market is expected to reach INR 2,023 Trillion in Transaction Value by FY 2026: 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 Key Finding A shift in consumer’s payment preference was noted with the advent of unprecedented situation of COVID-19 wherein individuals are relying more on online transactions rather than the traditional medium of cash based 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. The India M-Wallet market is anticipated to grow at an exorbitant rate, with a CAGR of 13.7% during the forecast period FY’21-FY’26. Digital India Campaign and Economic Goals: The government of India has been extensively focusing on “Digital India” campaign initially launched in 2015 to improve the online infrastructure of the country to ensure that the government services are made available to citizens electronically. E-Rupi is one such program developed by Department of Financial Services (DFS), National Health Authority (NHA) and NPCI, under the broader “Digital India” campaign formulated in order to enhance cashless payment transaction for COVID-19 vaccination. As citizens are more concerned for their health and safety followed by the aftermath of COVID-19, the implementation of e-RUPI program is a pragmatic development by the government to not only promote the idea of digital payments but also ensuring safety of citizens as the whole process is based on cashless transaction without the need of physical payments. Before the advent of COVID-19, the government of India had set an economic target of achieving a USD 5 trillion economy by FY’2024-FY’2025, to be driven by the digitalization of the economy. With policies such as demonetization being framed since 2016 in order to achieve the digital goals of the government, emphasis has been on shifting to an online medium of transaction considered to be hassle free, convenient, transparent and most importantly, secure form of payment. Adaptation to digital medium of transactions ensures a greater opportunity for the digital payment services, gateway and security market in the future. To learn more about this report Download a Free Sample Report India Credit and Debit Card Payments Market: Over the years, money has transformed from coins to physical cash and is now available in electronic / digital form or plastic cards. Plastic cards for instance, ATM cards, debit and credit cards are 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. With recent initiatives and emphasis by the government in banking the unbanked population, the user base of debit and credit cards have witnessed tremendous surge in recent years. However with the advent of COVID-19, the preference of consumers has shifted towards cashless transaction rather than traditional medium of cash based transactions. The shift to cashless transaction could prove to be a major downside to the credit and debit card market in the coming years. Launch of New and Innovative Payment Products: The launch of new and innovative payment products like Unified Payments Interface (UPI), National Electronic Toll Collection (NETC) FASTag and Bharat Bill Pay Service (BBPS) have firmly placed the digital payment industry on an upward growth trajectory. With the surge in adoption of these newer payment methods, global giants such as Whatsapp, Google and Amazon Pay are aiming to improve their on-platform transaction convenience to enhance customer retention. Increased Mobile and Internet Penetration in India: 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. It is estimated that as of FY’2020, 53% of India’s total population had access to internet from their mobile phones. Introduction of lightweight acceptance infrastructure (QR codes) has further facilitated the use of mobile-based payments across the country. This has led to a larger population accessing digital payment services having access to convenient payment systems at their disposal. India is ranked second in the world in terms of active internet users, having merely a 4% internet penetration rate in FY’2007 increasing to a striking 50% penetration rate of the overall population as of FY’2020. The gradual increase in internet penetration rate enables the consumer in accessing digital payment services such as UPI, m-wallets and QR based transactions among others. With the advent of COVID-19, consumers are relying on digital payment methods rather than traditional medium of cash based transactions which are contributing in rise of contactless payments. India Point of Sale (PoS) Terminal Market: PoS terminals were launched as a computerized replacement of cash register where customers can make an online transaction with the help of their debit or credit cards. India PoS terminal market is heavily dependent up on the card acceptance infrastructure consisting of ATMs and PoS terminal devices. In terms of number of device installations, metro cities dominate India PoS terminal market majorly due to higher usage and penetration of debit and credit cards in these cities whereas, non-metro cities were observed to catch up by spreading awareness regarding PoS devices enabled with Adhaar enabled Payment System (AePS) and Micro ATMs in rural India. Large retail formats, such as Big Bazaar, Shoppers Stop and other malls in recent times, have initiated the process of installing traditional PoS systems that work on GPRS technology. Integration in the rural region along with lower TIER cities could contribute in PoS market witnessing massive growth in coming years. Digital Incentive as Mentioned in Union Budget 2021: A striking announcement in the Budget 2021 revealed an allocation of Rs 1,500 crore towards MeitY for the promotion of digital payments. Other incentives such as tax audit exemptions for businesses utilizing digital payments and the establishment of Fintech hub were also announced. These funds are expected to be utilized in encouraging digital payments for toll transaction and investments for marketing campaigns to raise awareness not only in the urban areas but also rural regions. These incentives exacerbate the opportunity of various players in the payment services market to integrate into lower tier cities to expand their presence and to build a robust payment infrastructure in the country. Request For Free Sample Report @ https://www.kenresearch.com/sample-report.php?Frmdetails=NDcyODI5 Payment Security Services: With more emphasis on technological dependence in recent years, cyber security has emerged to be a domain of tremendous value. Following the aftermath of COVID-19, interned adoption rate surged. As physical restrictions were imposed globally, people started utilizing digital means for communication, work, shopping etc. The shift to internet domain was not only specific to individuals but even businesses wherein “Work from Home” became the norm. However with increased dependence on internet and digital medium, there lies security concerns related to cyber threats. To enhance security and compliance standard, governments throughout the world initiated shaping polices and regulations for strengthening the cyber security ecosystem. With increased dependence on digital payment mediums, entities, government agencies, organizations, e-commerce platforms need to ensure that they provide a safe and secure platform for their consumers for a transparent transaction procedure. India in 2017 ranked among top five countries to be affected by cybercrime. The rising cybercrime incidences would ensure Indian entities emphasizing on strengthening their IOT and cloud security framework in the coming years eventually leading to a growth opportunity for the payment security services market. For More Information, refer to below link:- India Payment Services Market Research Report 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) Contact Us:- Ken Research Ankur Gupta, Head Marketing & Communications support@kenresearch.com +91-9015378249 Post Views: 68 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