India Payment Gateway Market 2020-2025: Growth, Trends, Forecasts - ResearchAndMarkets.com
The "India Payment Gateway Market 2020-2025: Growth, Trends, Forecasts" report has been added to ResearchAndMarkets.com's offering.
The integration of payment gateway has become one of the most critical aspects of any business in every industry. It allows collecting money through the customer's preferred bank without compromising sensitive data.
With the increasing internet penetration and awareness about the ease of online transactions, consumers are changing their preferences for making payments online. The hurdle free transactions generate confidence among the users for switching to online transactions. This rapid adoption of the online method of payment is fueling the payment gateway market growth in India.
For instance, according to TRAI, the total internet subscriber in the country as in September 2019 is 687.62 million; and according to RBI, the mobile payment transaction volume increased by about USD 10 billion in 2018, owing to increasing internet penetration and smartphones in the country.
The payment gateway market in India is boosted by an increase in digital payment trends in India. Government initiatives are helping enhance the digital payment space and put an emphasis on moving towards a cashless economy. For instance, the Digital India program is a flagship program of the Government of India with a vision to transform India into a digitally empowered society.
Demonetization was a massive currency culling exercise taken up by the government in November 2016, which made 86% of the currency in circulation invalid. The step was taken to fight against black money, terror financing, and counterfeit currency. This was a major driving force for the adoption of different payment gateways in the country.
For instance, just during the week of demonetization, Paytm started seeing a 200 percent increase in downloads and a ten-fold increase in the addition of money in the wallet right on the night of demonetization. A year later, the Paytm merchant base had swollen to 5 million from around 800,000 a year before.
According to the National Payments Corporation of India, Unified Payments Interface (UPI), transactions will see a boost due to the outbreak of COVID-19. The umbrella organization for operating retail payments and settlement systems in India said that the relevance of UPI would grow in the 'phygital' world, combining the physical and digital space, in a post-COVID world.
Key Market Trends
Growing E-Commerce Transactions to Drive Market Growth
The India Payment Gateway market is moderately competitive in nature. The companies operating in the market are executing mergers and acquisitions, strategic partnerships to gain market share. Major players include Paytm, PayPal (News - Alert) India Private Limited, CCAvenue, among others. Some recent developments include:
Key Topics Covered
1.1 Market Definition & Scope
1.2 Study Assumptions
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Value Chain Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
4.4 PESTEL Analysis
4.5 Market Drivers
4.5.1 Growing Volume of E-Commerce Transactions in the Country
4.5.2 Evolving Market Landscape to Pave Way for Entry of New Vendors and the Ongoing Technological Advancements (Specifically Focused on Security) to Further Aid Penetration of Digital Transactions
4.6 Market Challenges
4.7 Evolution of Payment Gateway Landscape in India
4.8 Key Government Initiatives and Regulatory Standards (Removal of MDR & Higher Tax on Cash Transactions)
5 INDIA PAYMENTS LANDSCAPE ANALYSIS
6 MARKET SEGMENTATION
6.1 By Organization Size
6.1.1 Small & Medium
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.3 Razorpay Software Private Limited
7.1.4 PayPal India Private Limited
7.1.7 Instamojo Technologies Private Limited
7.1.8 One MobiKwik Systems Private Limited
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
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