According to IMARC Group latest report titled “India Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on India Mobile Payment market trends. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India mobile payment market size reached US$ 414.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,632.3 Billion by 2027, exhibiting a growth rate (CAGR) of 26.19% during 2022-2027.
Mobile payment represents automated payment methods that involve the use of mobile applications linked to the financial credentials of the users to authorize, initiate and confirm the transaction of funds in exchange for products or services. In terms of the mode of transaction, they can be categorized into various types, including wireless application protocol (WAP), short message service (SMS), near field communications (NFC), and unstructured supplementary service data (USSD). Mobile payment solutions have minimized the hassle of dealing with conventional payment methods, such as cash and checks. They are easy to use and provide users with improved convenience and enhanced data security. As a result, mobile payment services find extensive applications across numerous sectors in India, including healthcare, transportation, food service, retail, entertainment, etc.
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Market Trends:
The escalating sales of smartphones and the growing penetration of high-speed internet connectivity are among the key factors driving the India mobile payment market. Apart from this, the increasing number of loyalty and incentive programs associated with mobile payment solutions are further stimulating market growth. In addition to this, the elevating collaboration between several companies and financial institutions to develop innovative features, such as Unified Payment Interface (UPI) services, is acting as another significant growth-inducing factor. Moreover, the expanding e-commerce sector and the shifting preferences toward online shopping and payment options are also positively influencing the market across the country. Besides this, the rising integration of these payment applications with passcodes and biometric authentication procedures that secure the payment gateway and personal details in an efficient manner and minimize the chances of security theft or fraud is expected to propel the India mobile payment market in the coming years.
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India Mobile Payment Market Segmentation:
Our report has categorized the market based on region, mode of transaction and application.
Breakup by Mode of Transaction:
- WAP
- NFC
- SMS
- USSD
- Others
Breakup by Application:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Breakup by Region:
- North India
- West and Central India
- South India
- East India
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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