India Mobile Payment Market Report by Mode of Transaction (WAP, NFC, SMS, USSD, and Others), Application (Entertainment, Energy and Utilities, Healthcare, Retail, Hospitality and Transportation, and Others), and Region 2024-2032
The India mobile payment market size reached US$ 645.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 4,284.5 Billion by 2032, exhibiting a growth rate (CAGR) of 22.7% during 2024-2032.
Report Attribute
Key Statistics
Base Year
2023
Forecast Years
2024-2032
Historical Years
2018-2023
Market Size in 2023
US$ 645.8 Billion
Market Forecast in 2032
US$ 4,284.5 Billion
Market Growth Rate (2024-2032)
22.7%
Mobile payment refers to the process of transferring funds in exchange for products or services using a tablet or smartphone and payment instruments, such as a bank account, debit or credit card, gift cards and mobile wallet. As it is secure, convenient and easy-to-use, it is gaining traction over other forms of payments in India.
The rising sales of smartphones, in confluence with the increasing penetration of the internet, represents one of the key factors bolstering the growth of the mobile payment market in India. Moreover, loyalty and incentive programs associated with mobile payment solutions are contributing to the market growth. Apart from this, several companies are collaborating with financial institutions to provide innovative features. For instance, Google is supporting Unified Payment Interface (UPI) services from several Indian banks under its Google Pay app. Furthermore, the thriving e-commerce sector and the increasing utilization of contactless methods for making payments due to the mass outbreak of the coronavirus disease (COVID-19) are anticipated to influence the market growth in the coming years.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the India mobile payment market report, along with forecasts at the country and regional level from 2024-2032. Our report has categorized the market based on 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
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Report Coverage:
Report Features
Details
Base Year of the Analysis
2023
Historical Period
2018-2023
Forecast Period
2024-2032
Units
US$ Billion
Segment Coverage
Mode of Transaction, Application, Region
Region Covered
North India, West and Central India, South India, East India
Customization Scope
10% Free Customization
Report Price and Purchase Option
Single User License: US$ 2699
Five User License: US$ 3699
Corporate License: US$ 4699
Post-Sale Analyst Support
10-12 Weeks
Delivery Format
PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)
Key Questions Answered in This Report
The India mobile payment market was valued at US$ 645.8 Billion in 2023.
We expect the India mobile payment market to exhibit a CAGR of 22.7% during 2024-2032.
The growing consumer awareness towards hassle-free transactions, secured payment gateways, and
easy mobility offered by mobile payment solutions, is primarily driving the India mobile payment
market.
In India, the sudden outbreak of the COVID-19 pandemic has led to the rising consumer inclination from
conventional cash-based transaction methods towards digital payment solutions for mitigating the risk
of disease transmission upon human interaction.
Based on the mode of transaction, the India mobile payment market has been segmented into WAP,
NFC, SMS, USSD, and others. Currently, WAP payment mode holds the majority of the total market
share.
Based on the application, the India mobile payment market can be divided into entertainment, energy
and utilities, healthcare, retail, hospitality and transportation, and others. Among these, the retail
industry exhibits a clear dominance in the market.
On a regional level, the market has been classified into North India, West and Central India, South India,
and East India, where North India currently dominates the India mobile payment market.
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