India Payment Market Size, Share, Trends, Growth, Report – 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 1. The Digital Payment Industry is flourishing with the increased demand for cashless transactions due to Covid-19. To Know More about this report, download a Free Sample Report The India Payment Service Market is expected to grow owing to multiple factors such as the launch of new and innovative payment products and increase demand for cashless transaction due to Covid19. The pandemic has also accelerated the shift from “physical” to “virtual” banking. The Indian landscape for the payment services market has seen a period of upheaval during recent times, with newer trends being fuelled by the Covid-19 pandemic and a drastic shift in the consumer behaviour on the national and international scale. 2. Innovative payment products by the payment companies, the rising need for faster payment modes, and Government regulators are major factors in the growth in digital payments. During the COVID-19 pandemic, cash transactions decreased at this time. However, the nation was already moving toward a cashless culture before the outbreak, and the pandemic only accelerated the trend. Due to rapid advancement in the shift to digital medium of transaction, the industry is expected to grow at an exorbitant pace. Technological advancement in the form of AI, IoT, catboats and augmented reality are changing the digital shopping experience for consumers. With greater emphasis on in-store digital payments leading to a hybrid retailing structure, consumers are trying to utilize these platforms to make their shopping experience convenient and less time consuming. Mobile-wallets were also witnessed to change the country’s digital payments landscape which in turn has increased the proportion of m-wallet bill payments. 3. UPI transactions grew at a robust CAGR by volume and value in the past five years, from FY17 to FY22. Visit this link: – Request for Custom Report Market cap on UPI Transactions by third party players, Increase in merchant transaction limit and removal of PSP fees are the major government initiatives aims to promote payments digitally. UPI offered one of the safest payment modes for person-to-person (P2P) and P2M transfers and outstripped all other payment platforms during the pandemic. In 2022, NPCI launched UPI123Pay, allowing feature phone users to use the UPI platform via Interactive Voice Response (IVR). UPI123Pay’s launch points toward the further adoption of digital transactions in the countryside, where most citizens still do not own smartphones. For more insights on the market intelligence, refer to the link below:- India Payment Service Industry Follow Us – LinkedIn | Instagram | Facebook | Twitter | YouTube Tags: Challanges in Payment Service Sector India, Demand for Payment Service in India, E-payment Industry Analysis in India, Emerging Players in India Payment Service Market, Fintech Payment Service Startups in India, India E-payment Industry, India Payment Gateway Market, India Payment Service Market, India Payment Service Sector, India Payments Market Analysis, India's digital payment, India's e-commerce payments market, Indian Payment Solutions Market, Leading Players in India Payment Service Market, Major Players in India Payment Service Market, Mobikwik Payment Service Market Size India Payment Service Industry, Payment Technology Market in India, Paytm Payment Service Market Revenue, Startup Companies of Payment Service Market In India, Top Payment Service Startups in India