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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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
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.
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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.
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 2022-2027. Our report has categorized the market based on mode of transaction and application.
Breakup by Mode of Transaction:
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Breakup by Application:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2021 |
| Historical Period | 2016-2021 |
| Forecast Period | 2022-2027 |
| 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$ 2299 Five User License: US$ 3399 Corporate License: US$ 4499 |
| 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) |
The India mobile payment market was valued at US$ 414.0 Billion in 2021.
We expect the India mobile payment market to exhibit a CAGR of 26.19% during 2022-2027.
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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