India Digital Payment Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 7.70% (2024-2032)

More Indians are using digital payments. This happens because more people are getting smartphones. Government support and changes in customer behavior also play a role. According to the latest report by IMARC Group, the Indian digital payment market size reached USD 320 billion in 2023. Looking forward, IMARC Group expects the market to reach USD 624 billion by 2032, exhibiting a growth rate (CAGR) of 7.70% during 2024-2032.

Download a sample copy of the Report: https://www.imarcgroup.com/india-digital-payment-market/requestsample

India Digital Payment Trends and Drivers:

The digital payment market in India has grown rapidly in the last decade. This growth comes from technology, government actions, and shifts in consumer behavior. The National Payments Corporation of India started the Unified Payments Interface (UPI) in 2016. It changed the game. You can send money between bank accounts using your phone with ease. UPI is now the backbone of digital payments in India. In 2023, it saw over 10 billion transactions each month. The push for a cashless economy began with demonetization in 2016. It also included efforts like Digital India. These actions have helped more people embrace digital payments. Digital payments are becoming more accessible. More people have smartphones and internet access now, even in rural areas. Fintech firms and traditional banks are making things easier for users. They offer friendly apps and cashback deals. Now, they are exploring payment systems like QR codes and contactless methods. This has made India the leader among nations in digital payments as a result.

India's market potential is set for exciting growth. Strong technology and ever-changing consumer expectations drive this. New technologies like AI and machine learning boost protection systems. They help with fraud detection and personalize experiences. Meanwhile, blockchain technology is becoming popular. It promises tamper-proof and transparent transactions. Embedded finance is changing how we use non-financial platforms. For example, e-commerce sites and ride-hailing apps now offer new payment options. Voice payments and biometric checks will make digital transactions easier and safer. The Reserve Bank of India (RBI) is focused on boosting innovation infrastructure. It has improved offline digital payments. It is also trying out central bank digital currencies. These efforts aim to tackle issues like connectivity and financial inclusion. But, challenges remain. Cybersecurity threats and digital literacy issues still challenge the industry. We also need clear rules to guide us. The digital payments market in India is experiencing consistent growth. A young, tech-savvy population drives this growth.

India Digital Payment Industry Segmentation:

The market report offers a comprehensive analysis of the segments, highlighting those with the largest Indian digital payment market share. It includes forecasts for the period 2024-2032 and historical data from 2018-2023 for the following segments.

The report has segmented the market into the following categories:

Component Insights:

• Solutions
  • Application Program Interface
  • Payment Gateway
  • Payment Processing
  • Payment Security and Fraud Management
  • Transaction Risk Management
  • Others
• Services
  • Professional Services
  • Managed Services

Payment Mode Insights:

• Bank Cards
• Digital Currencies
• Digital Wallets
• Net Banking
• Others

Deployment Type Insights:

• Cloud-based
• On-premises

End Use Industry Insights:

• BFSI
• Healthcare
• IT and Telecom
• Media and Entertainment
• Retail and E-commerce
• Transportation
• Others

Regional Insights:

• North India
• West and Central India
• South India
• East and Northeast India

Competitive Landscape:

The competitive landscape of the industry has also been examined, along with the profiles of the key players.

Key highlights of the Report:

• Market Performance (2018-2023)
• Market Outlook (2024-2032)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current, and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provides a comprehensive suite of market entry and expansion services. IMARC offerings include a thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape, and benchmarking analyses, pricing and cost research, and procurement research.

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