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.
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
What is the estimated value of the Indian Payment Market?
What is the growth rate of the Indian Payment Market?
What is the forecasted size of the Indian Payment Market?
Who are the key companies in the Indian Payment Market?
| Report Attribute | Details |
|---|---|
| Published | May 2021 |
| Forecast Period | 2020 - 2027 |
| Estimated Market Value ( INR | INR 101 Trillion |
| Forecasted Market Value ( INR | INR 280.84 Trillion |
| Compound Annual Growth Rate | 15.7% |
| Regions Covered | India |
| No. of Companies Mentioned | 5 |
Table of Contents
1. Introduction2. Research Methodology3. Executive Summary
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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