According to a market report, published by Sheer Analytics and Insights, The India digital payment market was valued at $1.4 Trillion in 2021 and it is expected to reach $23.2 Trillion at a CAGR of 28.4% between 2022 and 2032. In India, digital payment is a primary program of the Government of India. The main focus of the Government is to transform India into a digitally authorized society and economy. It is a cashless and paperless method of payment. In India, there are various modes of digital payment. These modes are UPI, mobile wallets, banking cards, USSD, AEPS, bank pre-paid cards, Point of sale, Internet banking, mobile banking, and micro ATMs. The increasing demand for digital payment has encouraged many smart mobile providers to launch and introduce innovative smart mobiles which are capable of making contactless payments. At present days, the adoption of mobile phones is growing among a large number of Indian citizens. Hence, this can be attributed to the significant rise in the use of real-time payments across the country. As well as, e-commerce companies are also focusing on deploying point-of-sale systems to grow their service and offerings in the digital payment platform.
Digital payment provides several benefits to its customers. These benefits are cost savings through more efficiency and speed, financial inclusion by increasing access to a range of financial services, transparency and security by strengthening accountability and traceability, and decreasing corruption and theft as well. Furthermore, inclusive growth increasingly unlocks the economic opportunity for financial purposes, which enables a more efficient flow of resources in the Indian economy. However, several digital payment methods are helping the market to have initial growth. The speed of digital payment innovation is helping in reducing the costs which are projected to gain compound annual growth. Such innovations are open application programming interfaces also known as API, QR codes, biometric payments, contactless payments, distributed ledger technology also known as DLT, and central bank digital currencies or CBDC. Increasing demand for these innovative digital payment methods is expected to gain growth opportunities in the Indian digital payment market.
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The total volume of UPI transactions has increased over the past few years. Additionally, the use of digital payment applications in India has also grown due to the rising sales of smart mobiles and the usage of high-speed internet connections among Indian citizens, especially among the young generation. This has made people stay at home and conduct transactions through digital platforms for purchasing goods and services from various online shopping websites. PhonePe is another digital payment platform that has supported and led the UPI application over the past few years. Most places in India are adopting smartphones and using digital payment applications for secure and safe money transactions. Therefore, this is projected to boost the Indian digital payment market in the upcoming years.
Key players such as ACI Worldwide (U.S), Aurus Inc (India), Amazon.Com (U.S), Alphabet Inc (U.S), BharatPe (India), BillDesk (India), Cashfree Payment (India), FSS Powering Payments (India), Global Payments (U.S), HDFC (India), Instamojo (India), ICICI Bank (India), Flipkart (India), Novatti Group (India), NPCI (India), Nimble Vision (India), Paypal Holdings (U.S), PineLabs (India), One97 Communications (India), RazorPay (India), Stripe (U.S), SBI (India), Visa (U.S), Vista Equity Partners (U.S), Wirecard (India), among others are leading the India digital payment market.
India Digital Payment Market Has Been Segmented Into:
India Digital Payment Market – by Payment Mode:
India Digital Payment Market – by Deployment Type:
India Digital Payment Market – by End-User:
India Digital Payment Market – by Regions:
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