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India Payment Market, Volume & Revenue by Digital Mode: by UPI, NETC, BBPS, PPIs, Cards, AePs, ATM, VAS, Remittances, Prepaid Instruments, Companies, Forecast

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    Report

  • May 2021
  • Region: India
  • Renub Research
  • ID: 5331452

The Indian payment spaces have seen extraordinary growth in the last few years. India has seen a rampant rise in internet and mobile users, due to affordable mobile internet, and the increasing use of mobile apps. Further digitization in payments has gained significant momentum and has huge potential in this market. The introduction of new payment products like Unified Payments Interface (UPI), National Electronic Toll Collection (NETC) and credit card and Bharat Bill Pay Service (BBPS), Cross-Border Remittances, Cards, Debit Card Transactions, Credit Card, Debit Card, and ATM Transactions have firmly placed the India payment industry on an upward growth trajectory. With new payment tools and user across regions emerging, this growth is expected to continue in future too. According to the publisher, India Payment Market will reach INR 280.84 Trillion by 2027.

In 2018, India launched UPI 2.0 with the aim to increase UPI with more use transactions. Invoice verification, linking of overdraft account, additional security through signed intent and QR are some of the features introduced in UPI 2.0. Indian Industries are now working on both online and offline channels in order to deliver an Omni-channel experience to their consumers. UPI logged the maximum amount of transactions due to its easy assessable and safe payments.

On the other hand, the National Electronic Toll Collection (NETC) system has seen stable growth in the last few years. Recent instructions by the Government of India have on NETC help it's an exponential growth trajectory. According to our research 2020-2025, NETC customers were 64 Million, 93 Million, and 110 Million in the months of December 2019, January 2020, and February 2020 respectively. India Online Payment Market will grow at a staggering CAGR of 15.73% during 2020-2027.

In India, Prepaid payment instruments (PPIs) have remained limited to about 43 authorized prepaid payment instruments example gift cards, meal reimbursements and foreign exchange cards. Mobile wallets made the transaction more convenient and demonetization led to users accepting PPIs easily. Their mobile wallets are now being used for bill payments and money transfer, further enhancing the usage of PPIs. The government of India’s continued promotion for digital penetration had built trust among people for doing cash transactions by cards like Debit and credit cards. In the last 5 years, the number of credit cards issued number has grown from 211 lakh to over 550 lakh, and debit cards numbers have grown from 5,535 Lakh to over 8,000 Lakhs. However, it faces challenges like no reward points and sometimes overspending can lead to debt. As per the publisher's findings, India Digital Payment Market was INR 101 Trillion in 2020.

India payment market is growing year on year and the continued dependency on money keep the few challenges profoundly rooted in the digital payments ecosystem in India. While the government and digital payment companies compelling for a cashless economy, the drawback probably lies in the lack of a procedure affecting the implementation of digital payment methods. In India metro cities like Delhi, Mumbai, and Bengaluru have more options and facilities to do payments as compared to small cities and countryside. This is one of the major hurdles which are affecting the growth of the Indian digital payment industry.

This report titled “India Payment Market & Volume by Digital Mode: UPI (Value, Volume, Revenue), NETC, (Value, Volume, Revenue), Bharat Bill Pay System (BBPS) (Value, Volume, Revenue), Existing Business Categories, New Business Categories, Categories Share in Transaction Volume, Channel Wise Split (Transaction Value), Cross-Border Remittances (Inflow, Outflow, Revenue), Credit Cards (Transactions Value, Transaction Volume), Debit Cards (Transaction Value, Volume), Revenue (Credit Card and Debit Card), ATM Transactions (Value, Volume, Revenue), Merchant Acquiring Revenue, VAS Revenue, AePs (Value, Volume, Revenue), Prepaid Payment Instruments (Value, Volume, Revenue)" provides a detailed analysis of India Online Payment Market.

Digital Payment Modes - Market, Volume & Revenues breakup from 7 viewpoints

1. UPI

a) Transaction Value
b) Transaction Volume
c) Revenue

2. NETC

a) Transaction Value
b) Transaction Volume
c) Revenue

3. Bharat Bill Pay System (BBPS)
3.1 Transaction Value
3.2 Transaction Volume
3.3 Revenue
3.4 Existing Business Categories
3.5 New Business Categories
3.6 Categories Share in Transaction Volume
3.7 Channel Wise Split (Transaction Value)

4. Cross-Border Remittances
a) Inflow
b) Outflow
c) Revenue

5. Cards
5.1 Credit Card Transactions
5.1.1 Transaction Value
5.1.2 Transaction Volume
5.2 Debit Card Transactions
5.2.1 Transaction Value
5.2.2 Transaction Volume
5.3 Revenue (Credit Card and Debit Card)
5.4 ATM Transactions
5.4.1 Transaction Value
5.4.2 Transaction Volume
5.4.3 Revenue
5.5 Merchant Acquiring Revenue
5.6 VAS Revenue

6. AePs

a) Transaction Value
b) Transaction Volume
c) Revenue

7. Prepaid Payment Instruments

a) Transaction Value
b) Transaction Volume
c) Revenue

All companies have been covered from 3 viewpoints


  • Overviews
  • Recent developments
  • Revenues

Company Insights

1. PayTM
2. Mobikwik
3. Google Pay
4. Amazon Pay
5. PhonePe


Frequently Asked Questions about the Indian Payment Market

What is the estimated value of the Indian Payment Market?

The Indian Payment Market was estimated to be valued at INR 101 Trillion in 2020.

What is the growth rate of the Indian Payment Market?

The growth rate of the Indian Payment Market is 15.7%, with an estimated value of INR 280.84 Trillion by 2027.

What is the forecasted size of the Indian Payment Market?

The Indian Payment Market is estimated to be worth INR 280.84 Trillion by 2027.

Who are the key companies in the Indian Payment Market?

Key companies in the Indian Payment Market include PayTM, Mobikwik, Google Pay and PhonePe.

Table of Contents


1. Introduction2. Research Methodology3. Executive Summary
4. Market Dynamics
4.1 Growth Drivers
4.2 Challenges
5. India Payment Market
5.1 Transaction Value
5.2 Transaction Volume
5.3 Revenue
6. Volume Share Analysis
6.1 Digital Payment Modes
7. UPI - India Payment Market
7.1 Transaction Value
7.2 Transaction Volume
7.3 Revenue
8. NETC - India Payment Market
8.1 Transaction Value
8.2 Transaction Volume
8.3 Revenue
9. Bharat Bill Pay System (BBPS) - India Payment Market
9.1 Transaction Value
9.2 Transaction Volume
9.3 Revenue
9.4 Existing Business Categories
9.5 New Business Categories
9.6 Categories Share in Transaction Volume
9.7 Channel Wise Split (Transaction Value)
10. Cross-Border Remittances - India Payment Market
10.1 Inflow
10.2 Outflow
10.3 Revenue
11. Cards - India Payment Market
11.1 Credit Card Transactions
11.1.1 Transaction Value
11.1.2 Transaction Volume
11.2 Debit Card Transactions
14.2.1 Transaction Value
14.2.2 Transaction Volume
11.3 Revenue (Credit Card and Debit Card)
11.4 ATM Transactions
11.4.1 Transaction Value
11.4.2 Transaction Volume
11.4.3 Revenue
11.5 Merchant Acquiring Revenue
11.6 VAS Revenue
12. AePs - India Payment Market
12.1 Transaction Value
12.2 Transaction Volume
12.3 Revenue
13. Prepaid Payment Instruments - India Payment Market
13.1 Transaction Value
13.2 Transaction Volume
13.3 Revenue
14. Company Insights
14.1 PayTM
14.1.1 Overviews
14.1.2 Recent Developments
14.1.3 Revenues
14.2 Mobikwik
14.2.1 Overviews
14.2.2 Recent Developments
14.2.3 Revenues
14.3 Google Pay
14.3.1 Overviews
14.3.2 Recent Developments
14.3.3 Revenues
14.4 Amazon Pay
14.4.1 Overviews
14.4.2 Recent Developments
14.4.3 Revenues
14.5 PhonePe
14.5.1 Overviews
14.5.2 Recent Developments
14.5.3 Revenues
List of Figures:
Figure-01: India Payment Market Transaction Value (Trillion INR), 2018 - 2020
Figure-02: Forecast for - India Payment Market Transaction Value (Trillion INR), 2021 - 2027
Figure-03: India Payment Market Transaction Volume (Number in Billion), 2018 - 2020
Figure-04: Forecast for - India Payment Market Transaction Volume (Number in Billion), 2021 - 2027
Figure-05: India Payment Market Revenue (Billion INR), 2018 - 2020
Figure-06: Forecast for - India Payment Market Revenue (Billion INR), 2021 - 2027
Figure-07: UPI Transaction Value (Trillion INR), 2018 - 2020
Figure-08: Forecast for - UPI Transaction Value (Trillion INR), 2021 - 2027
Figure-09: UPI Transaction Volume (Number in Billion), 2018 - 2020
Figure-10: Forecast for - UPI Transaction Volume (Number in Billion), 2021 - 2027
Figure-11: UPI Revenue (Billion INR), 2018 - 2020
Figure-12: Forecast for - UPI Revenue (Billion INR), 2021 - 2027
Figure-13: NETC Transaction Value (Trillion INR), 2018 - 2020
Figure-14: Forecast for - NETC Transaction Value (Trillion INR), 2021 - 2027
Figure-15: NETC Transaction Volume (Number in Billion), 2018 - 2020
Figure-16: Forecast for - NETC Transaction Volume (Number in Billion), 2021 - 2027
Figure-17: NETC Revenue (Billion INR), 2018 - 2020
Figure-18: Forecast for - NETC Revenue (Billion INR), 2021 - 2027
Figure-19: Bharat Bill Pay System Transaction Value (Billion INR), 2018 - 2020
Figure-20: Forecast for - Bharat Bill Pay System Transaction Value (Billion INR), 2021 - 2027
Figure-21: Bharat Bill Pay System Transaction Volume (Number in Million), 2018 - 2020
Figure-22: Forecast for - Bharat Bill Pay System Transaction Volume (Number in Million), 2021 - 2027
Figure-23: Bharat Bill Pay System Revenue (Billion INR), 2018 - 2020
Figure-24: Forecast for - Bharat Bill Pay System Revenue (Billion INR), 2021 - 2027
Figure-25: Bharat Bill Pay System Existing Business Categories (Billion INR), 2016 - 2020
Figure-26: Forecast for - Bharat Bill Pay System Existing Business Categories (Billion INR), 2021 - 2027
Figure-27: Bharat Bill Pay System New Business Categories (Billion INR), 2020 - 2027
Figure-28: Cross-Border Remittances Inflow (Billion INR), 2018 - 2020
Figure-29: Forecast for - Cross-Border Remittances Inflow (Billion INR), 2021 - 2027
Figure-30: Cross-Border Remittances Outflow (Billion INR), 2018 - 2020
Figure-31: Forecast for - Cross-Border Remittances Outflow (Billion INR), 2021 - 2027
Figure-32: Cross-Border Remittances Revenue (Billion INR), 2018 - 2020
Figure-33: Forecast for - Cross-Border Remittances Revenue (Billion INR), 2021 - 2027
Figure-34: Credit Card Transaction Value (Billion INR), 2018 - 2020
Figure-35: Forecast for - Credit Card Transaction Value (Billion INR), 2021 - 2027
Figure-36: Credit Card Transaction Volume (Number in Million), 2018 - 2020
Figure-37: Forecast for - Credit Card Transaction Volume (Number in Million), 2021 - 2027
Figure-38: Debit Card Transaction Value (Billion INR), 2018 - 2020
Figure-39: Forecast for - Debit Card Transaction Value (Billion INR), 2021 - 2027
Figure-40: Debit Card Transaction Volume (Number in Million), 2018 - 2020
Figure-41: Forecast for - Debit Card Transaction Volume (Number in Million), 2021 - 2027
Figure-42: Revenue (Credit Card and Debit Card) (Billion INR), 2018 - 2020
Figure-43: Forecast for - Revenue (Credit Card and Debit Card) (Billion INR), 2021 - 2027
Figure-44: ATM Transaction Value (Billion INR), 2018 - 2020
Figure-45: Forecast for - ATM Transaction Value (Billion INR), 2021 - 2027
Figure-46: ATM Transaction Volume (Number in Million), 2018 - 2020
Figure-47: Forecast for - ATM Transaction Volume (Number in Million), 2021 - 2027
Figure-48: ATM Revenue (Billion INR), 2018 - 2020
Figure-49: Forecast for - ATM Revenue (Billion INR), 2021 - 2027
Figure-50: Merchant Acquiring Revenue (Billion INR), 2018 - 2020
Figure-51: Forecast for - Merchant Acquiring Revenue (Billion INR), 2021 - 2027
Figure-52: VAS Revenue (Billion INR), 2020 - 2027
Figure-53: AePs Transaction Value (Billion INR), 2018 - 2020
Figure-54: Forecast for - AePs Transaction Value (Billion INR), 2021 - 2027
Figure-55: AePs Transaction Volume (Number in Million), 2018 - 2020
Figure-56: Forecast for - AePs Transaction Volume (Number in Million), 2021 - 2027
Figure-57: AePs Revenue (Billion INR), 2018 - 2020
Figure-58: Forecast for - AePs Revenue (Billion INR), 2021 - 2027
Figure-59: Prepaid Payment Instruments Transaction Value (Billion INR), 2018 - 2020
Figure-60: Forecast for - Prepaid Payment Instruments Transaction Value (Billion INR), 2021 - 2027
Figure-61: Prepaid Payment Instruments Transaction Volume (Number in Million), 2018 - 2020
Figure-62: Forecast for - Prepaid Payment Instruments Transaction Volume (Number in Million), 2021 - 2027
Figure-63: Prepaid Payment Instruments Revenue (Billion INR), 2018 - 2020
Figure-64: Forecast for - Prepaid Payment Instruments Revenue (Billion INR), 2021 - 2027
List of Tables:
Table-01: Digital Payment Volume Share Analysis (Percent), 2018 - 2020
Table-02: Forecast for - Digital Payment Volume Share Analysis (Percent), 2021 - 2027
Table-03: Bharat Bill Pay System Categories Share in Transaction Volume (Percent), 2020 - 2027
Table-04: Bharat Bill Pay System Channel Wise Split (Transaction Value) (Percent)

Companies Mentioned

  • PayTM
  • Mobikwik
  • Google Pay
  • Amazon Pay
  • PhonePe

Methodology

In this report, for analyzing the future trends for the studied market during the forecast period, the publisher has incorporated rigorous statistical and econometric methods, further scrutinized by secondary, primary sources and by in-house experts, supported through their extensive data intelligence repository. The market is studied holistically from both demand and supply-side perspectives. This is carried out to analyze both end-user and producer behavior patterns, in the review period, which affects price, demand and consumption trends. As the study demands to analyze the long-term nature of the market, the identification of factors influencing the market is based on the fundamentality of the study market.

Through secondary and primary researches, which largely include interviews with industry participants, reliable statistics, and regional intelligence, are identified and are transformed to quantitative data through data extraction, and further applied for inferential purposes. The publisher's in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models sanitize the data & statistics and enhance the accuracy of their recommendations and advice.

Primary Research

The primary purpose of this phase is to extract qualitative information regarding the market from the key industry leaders. The primary research efforts include reaching out to participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions. The publisher also established professional corporate relations with various companies that allow us greater flexibility for reaching out to industry participants and commentators for interviews and discussions, fulfilling the following functions:

  • Validates and improves the data quality and strengthens research proceeds
  • Further develop the analyst team’s market understanding and expertise
  • Supplies authentic information about market size, share, growth, and forecast

The researcher's primary research interview and discussion panels are typically composed of the most experienced industry members. These participants include, however, are not limited to:

  • Chief executives and VPs of leading corporations specific to the industry
  • Product and sales managers or country heads; channel partners and top level distributors; banking, investment, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research

The publisher refers to a broad array of industry sources for their secondary research, which typically includes, however, is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
  • Patent and regulatory databases for understanding of technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic new articles, webcasts, and other related releases for market evaluation
  • Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecasts
 

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