Growing initiatives by the
government forthe promotion of digital and online payments is expected to drive
the growth of India payment processing solutions market
According
to TechSci Research report, “India Payment Processing
Solutions Market By Payment Method (Credit Card, Debit Card,
E-wallet), By End User Industry (Retail, Hospitality, Utilities,
Telecommunication, Others), By Region, Competition, Forecast &
Opportunities, 2025”the India payment
processing solutions market is expected to grow at aformidableduring the
forecast period owing to the increased promotion and strategies adopted by
various government and non-government authorities to promote digital payment
methods.Additionally, growing usage of online payment methods since they provide
convenience and easier transactionsare further propelling the market in the
country. Furthermore,the increased use of mobile commerce that includes
monetary transactions completed with the help of a mobile device or a mobile
app is anticipated to spur the market during forecast years. However, concerns pertaining
to cyberattacks and data privacy associated with the digital payment methodscan
hamper the growth of market during forecast period. Additionally, non-availability
of standardizations and regulations to carry out international transactionscan
further restrict the growth of market during forecast period.
Browse market data Tables and Figures spread through
Pages and an in-depth TOC on
"IndiaPayment Processing SolutionsMarket"
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 E-wallet segment is expected to be the fastest growing segment during
forecast period owing to the increasing use of mobile phones and tablets for
shopping activities.Based on end user industry, the market can be fragmented
into retail, hospitality, utilities, telecommunication and others. The retail
industry is expected to register the highest growth during the forecast period.
This can be attributed to the rise in demand for instant payment settlements
from retailers and merchants and growing trend for online shopping. Additionally,
digital payments provide a competitive edge to retail businesses as these
payments are faster and cheaper as compared to conventional payment methods.
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
Ltdand othersare some of the leading players operating in India payment
processing solutions market.The companies operating in the market are using
organic strategies such as product launches, mergers and collaborations to
boost their share.For instance,in October 2018, PayPal India partnered with
Mumbai Metro for allowing commuters to recharge their metro smart cards easily
and digitally.
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“India
payment processing solutions market isto witness significant growthduring the
forecast period owing tothe accelerating rate of digitization and increase in
the investment by payment processing companies.Additionally,the massive
population in the country also contributes largely to the high volume of
digital transactions along with rising domestic and international investments.
Furthermore, the initiatives taken by the Indian government such as the ‘Digital
India’ scheme are expected to boost the growth of market during the next five.
For instance, in 2016, the "National Payments Corporation of India"
(NPCI) launched "Unified Payments Interface" (UPI). During this time,
the interface handled 93,000 transactions and by 2018, this number reached 312
million. It is estimated that digital transactions in India would reach around
USD 1 trillion annually over the next few years.”said Mr. Karan Chechi,
Research Director with TechSci Research, a research based global management
consulting firm.
“India Payment Processing Solutions Market By
Payment Method (Credit Card, Debit Card, E-wallet), By End User Industry
(Retail, Hospitality, Utilities, Telecommunication, Others), By Region,
Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of India payment
processing solutions marketand provides statistics &information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in India payment
processing solutions market.
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