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India payment processing solutions market highlights
- The India payment processing solutions market generated a revenue of USD 2,613.5 million in 2023 and is expected to reach USD 8,837.3 million by 2030.
- The India market is expected to grow at a CAGR of 19% from 2024 to 2030.
- In terms of segment, credit card was the largest revenue generating payment method in 2023.
- E-Wallet is the most lucrative payment method segment registering the fastest growth during the forecast period.
India payment processing solutions market is expected to grow at a formidable rate during the forecast period. The key factor driving India payment processing solutions market is the government’s digital India concept and increasing use of online transactions. Additionally, high proliferation of smartphones and growing internet penetration are further expected to propel the market during forecast period.
The India payment processing solutions market is segmented based on payment method, end user industry, company and regional distribution. Based on payment method, the market can be categorized into credit card, debit card and E-wallet. The debit cards and credit cards are expected to dominate the market during the forecast period. This can be accredited to the widespread card network of financial institutes. Furthermore, the widespread adoption of POS systems also encourages the widespread use of these cards for payment. Based on end user industry, the market can be fragmented into retail, hospitality, utilities, telecommunication and others. The hospitality segment holds the majority share in the market owing to the widespread adoption of digital payment solutions across the industry.
Major players operating in the India payment processing solutions market include PayPal, Paytm (One97 Communications), PayU Payments Private Limited, Razorpay Software Private Limited, Atom Paynetz Payment Gateway (FT Group), DirecPay, MobiKwik, EMVANTAGE Payments Private Limited, E-Billing Solutions Pvt Ltd., State Bank of India, HDFC Bank Ltd and others.
Years considered for this report
Historical Years2015-2018
Base Year2019
Estimated Year2020
Forecast Period2021–2025
Objective of the Study
- To analyze and forecast the market size of India payment processing solutions market.
- To classify and forecast India payment processing solutions market based on payment method, end user industry, company and regional distribution.
- To identify drivers and challenges for India payment processing solutions market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India payment processing solutions market.
- To identify and analyze the profile of leading players operating in India payment processing solutions market.
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MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of service providers across the country. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the service providers which could not be identified due to the limitations of secondary research. MIR analyzed the service providers, distribution channels and presence of all major players across the country.
MIR calculated the market size of
Key Target Audience
- Payment processing solutions service providers, vendors and other stakeholders
- Government bodies such as regulating authorities and policy makers
- Organizations, forums and alliances related to payment processing solutions
- Market research and consulting firms
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as manufacturers, suppliers and partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities
Report Scope
In this report, India payment processing solutions market has been segmented into following categories, in addition to the industry trends which have also been detailed below
Market, By Payment Method
Credit Card
Debit Card
E-wallet
Market, By End User Industry
Retail
Hospitality
Utilities
Telecommunication
Others
Regions
North
South
East
West
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