The India mobile payment market is currently witnessing robust growth. 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. On account of these factors, the market is expected to continue its robust growth during the forecast period (2020-2025).
IMARC Group provides an analysis of the key trends in each sub-segment of the india mobile payment market report, along with forecasts for growth at the region level from 2020-2025. Our report has categorized the market based on region, mode of transaction and application.
Breakup by Mode of Transaction:
Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
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