India Payment Service Market Is Expected To Grow At A CAGR Of 5.7% From 2022 To 2028 – 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 The Payment Service Market in India has grown significantly owing to the launch of new and innovative payment products by the payment companies, the rising need for faster payment modes, and a strong push from the Government and regulators toward the adoption of digital channels. India Payment Service Market Overview: The Payment Service Market in India is currently at the growth stage and is a fragmented market. India Payment Services Market which has traditionally been dominated by cash witnessed advancement towards digital transactions during demonetization phase in India. The flagship Digital India Program was launched in India in 2015, with a vision of transforming India into a digitally empowered society and knowledge economy. During the COVID-19 pandemic, cash transactions decreased. However, the nation was already moving toward a cashless culture before the outbreak, and the pandemic only accelerated the trend. To Know More about this report, download a Free Sample Report India Payment Service Market Growth: The India Payment Service Market saw a growth of CAGR of ~11% from FY’17-FY’22 in terms of transaction volume due to the launch of new and innovative payment products by the payment companies, the rising need for faster payment modes, and a strong push from the Government and regulators toward the adoption of digital channels. 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. 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 having access to convenient payment systems at their disposal. Impact of Coivd-19 on the Payment Service Market in India: Contactless transaction in the form POS terminal transaction had suffered with nationwide lockdown. Not only was the installation capacity was harmed, but also transactional volume suffered heavily. As more and more consumers shifted to digital payment ecosystem for buying essential and daily need products, there was tremendous downfall in the transactional amount. Although, PoS terminal witnessed slight downfall in the short run, however in the long run the market could expect tremendous recovery eventually leading to opportunity. As people are much more concerned about their health, they are constantly exploring ways for contactless payments. Digital payment service market is expected to witness massive growth in the future and PoS terminal would continue to strengthen the growth of the digital payment market. Effects of Increased Mobile and Internet Penetration: 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. 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. 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 having access to convenient payment systems at their disposal. Analysts at Ken Research in their latest publication “India Payment Service Market Outlook to 2027F- driven by government initiatives & rising need for faster payment modes” by Ken Research observed that India Payment Service Market is in the growing phase. The launch of new and innovative payment products, increasing 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 are some of the factors that will contribute to the India Payment Service Market growth over the period of FY23F-FY27F. It is expected that India Payment Service Market will grow at a CAGR of 5.7% in terms of transaction volume for the above forecasted period. Key Segments Covered India Payment Service Market By Mobile and Desktop Payments By Mode of Payment CCIL Operated Systems RTGS Credit Transfers Debit Transfers and Direct Debits Card Payments Prepaid Payment Instruments (PPIs) Paper-Based Instruments By Type of Industry Online Travel Financial Services Retail (Online and Offline) Others Credit and Debit Card Coverage By Number of Credit and Debit Card Transactions PoS ATM By Credit and Debit Card Transaction Value PoS ATM By Number of ATMs and PoS Terminals By Number of Outstanding Cards Visit This link Request for Custom Report 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 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 Small Finance Banks India PoS Terminal Market By Number of Terminals Active Terminal Inactive Terminal By Metro and Non-metro cities By End User Industry Large Enterprises SME’s Micro Merchants 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: FY16-FY22 Base Year: FY22 Forecast Period: FY22– FY27F Companies Covered: 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 India Payment Gateway Market India Point of Sale (PoS) Terminal Market 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 Research Methodology For more insights on the market intelligence, refer to the link below:- India Payment Service Market Related Reports By Ken Research:- Russia Payment Services Market Outlook to 2025 India Payment Services Market Research Forecast to 2023 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 Industry, India Payment Service Market, India Payment Service Sector, India Payments Market Analysis Internet Payment Service Market in India Leading Players in India Payment Service Market, India's digital payment, India's e-commerce payments market, Indian Payment Solutions Market, Major Players in India Payment Service Market, Mobikwik Payment Service Market Size, Payment Technology Market in India, Paytm Payment Service Market Revenue, Startup Companies of Payment Service Market In India, Top Payment Service Startups in Inzdia, Turkey Health and Fitness Services Market
