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India Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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. 

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 2022-2027. Our report has categorized the market based on mode of transaction and application.

Breakup by Mode of Transaction:

 

 
 

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  • 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 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)

1   Preface
2   Scope and Methodology 

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3   Executive Summary
4   Introduction

    4.1    Overview
    4.2    Key Industry Trends
5   India Mobile Payment Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6   Market Breakup by Mode of Transaction
    6.1    WAP
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    NFC
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    SMS
        6.3.1 Market Trends
        6.3.2 Market Forecast
    6.4    USSD
        6.4.1 Market Trends
        6.4.2 Market Forecast
    6.5    Others
        6.5.1 Market Trends
        6.5.2 Market Forecast
7   Market Breakup by Application
    7.1    Entertainment
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Energy and Utilities
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Healthcare
        7.3.1 Market Trends
        7.3.2 Market Forecast
    7.4    Retail
        7.4.1 Market Trends
        7.4.2 Market Forecast
    7.5    Hospitality and Transportation
        7.5.1 Market Trends
        7.5.2 Market Forecast
    7.6    Others
        7.6.1 Market Trends
        7.6.2 Market Forecast
8   Market Breakup by Region
    8.1    North India
        8.1.1 Market Trends
        8.1.2 Market Breakup by State
        8.1.3 Market Forecast
    8.2    West and Central India
        8.2.1 Market Trends
        8.2.2 Market Breakup by State
        8.2.3 Market Forecast
    8.3    South India
        8.3.1 Market Trends
        8.3.2 Market Breakup by State
        8.3.3 Market Forecast
    8.4    East India 
        8.4.1 Market Trends
        8.4.2 Market Breakup by State
        8.4.3 Market Forecast
9   SWOT Analysis
    9.1    Overview
    9.2    Strengths
    9.3    Weaknesses
    9.4    Opportunities
    9.5    Threats
10  Value Chain Analysis
11  Porters Five Forces Analysis

    11.1    Overview
    11.2    Bargaining Power of Buyers
    11.3    Bargaining Power of Suppliers
    11.4    Degree of Competition
    11.5    Threat of New Entrants
    11.6    Threat of Substitutes
12  Price Analysis
13  Policy and Regulatory Landscape
14  Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players

List of Figures

Figure 1: India: Mobile Payment Market: Major Drivers and Challenges
Figure 2: India: Mobile Payment Market: Sales Value (in Billion US$), 2016-2021
Figure 3: India: Mobile Payment Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: India: Mobile Payment Market: Breakup by Mode of Transaction (in %), 2021
Figure 5: India: Mobile Payment Market: Breakup by Application (in %), 2021
Figure 6: India: Mobile Payment Market: Breakup by Region (in %), 2021
Figure 7: India: Mobile Payment (WAP) Market: Sales Value (in Million US$), 2016 & 2021
Figure 8: India: Mobile Payment (WAP) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 9: India: Mobile Payment (NFC) Market: Sales Value (in Million US$), 2016 & 2021
Figure 10: India: Mobile Payment (NFC) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 11: India: Mobile Payment (SMS) Market: Sales Value (in Million US$), 2016 & 2021
Figure 12: India: Mobile Payment (SMS) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 13: India: Mobile Payment (USSD) Market: Sales Value (in Million US$), 2016 & 2021
Figure 14: India: Mobile Payment (USSD) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 15: India: Mobile Payment (Other Mode of Transactions) Market: Sales Value (in Million US$), 2016 & 2021
Figure 16: India: Mobile Payment (Other Mode of Transactions) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 17: India: Mobile Payment (Entertainment) Market: Sales Value (in Million US$), 2016 & 2021
Figure 18: India: Mobile Payment (Entertainment) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 19: India: Mobile Payment (Energy and Utilities) Market: Sales Value (in Million US$), 2016 & 2021
Figure 20: India: Mobile Payment (Energy and Utilities) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 21: India: Mobile Payment (Healthcare) Market: Sales Value (in Million US$), 2016 & 2021
Figure 22: India: Mobile Payment (Healthcare) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 23: India: Mobile Payment (Retail) Market: Sales Value (in Million US$), 2016 & 2021
Figure 24: India: Mobile Payment (Retail) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 25: India: Mobile Payment (Hospitality and Transportation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 26: India: Mobile Payment (Hospitality and Transportation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 27: India: Mobile Payment (Other Applications) Market: Sales Value (in Million US$), 2016 & 2021
Figure 28: India: Mobile Payment (Other Applications) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 29: North India: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 30: North India: Mobile Payment Market: Breakup by State (in %), 2021
Figure 31: North India: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: West and Central India: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: West and Central India: Mobile Payment Market: Breakup by State (in %), 2021
Figure 34: West and Central India: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 35: South India: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 36: South India: Mobile Payment Market: Breakup by State (in %), 2021
Figure 37: South India: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: East India: Mobile Payment Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: East India: Mobile Payment Market: Breakup by State (in %), 2021
Figure 40: East India: Mobile Payment Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 41: India: Mobile Payment Industry: SWOT Analysis
Figure 42: India: Mobile Payment Industry: Value Chain Analysis
Figure 43: India: Mobile Payment Industry: Porter’s Five Forces Analysis

List of Tables

Table 1: India: Mobile Payment Market: Key Industry Highlights, 2021 and 2027
Table 2: India: Mobile Payment Market Forecast: Breakup by Mode of Transaction (in Million US$), 2022-2027
Table 3: India: Mobile Payment Market Forecast: Breakup by Application (in Million US$), 2022-2027
Table 4: India: Mobile Payment Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 5: India: Mobile Payment Market: Competitive Structure
Table 6: India: Mobile Payment Market: Key Players


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Key Questions Answered in This Report

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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