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The India payment gateways market size reached US$ 780 Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 19% during 2021-2026. 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 sectors. These insights are included in the report as a major market contributor.
A payment gateway is a service provider that acts as an interface between payment portals like e-commerce websites and the acquiring banks. This portal protects sensitive data, including credit card or bank account details, from fraudulent activities while completing the submission with HTTPS protocol that secures personal information. Payment gateways offer consumers the facility to make purchases at any hour of the day without the inconvenience of waiting in long queues. They are gaining prominence among consumers due to the growing use of mobile wallets supported by advancements in mobile payment technology.
The India payment gateways market is primarily driven by the increasing online transactions and the constant evolution of payment methods like the emergence of token systems, cash pooling, and various cashless transactions. Besides this, the rising adoption of smartphones and tablets has resulted in the shift toward online shopping. This is facilitated by the rapid penetration of the internet and improved network bandwidth across the country. Furthermore, various banks are collaborating with retail vendors to provide cashback schemes or discounts for retaining the existing consumer base.
IMARC Group provides an analysis of the key trends in each sub-segment of the India payment gateways market, along with forecasts at the country and regional level from 2021-2026. Our report has categorized the market based on application and mode of interaction.
Breakup by Application:
Breakup by Mode of Interaction:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
|Base Year of the Analysis||2020|
|Segment Coverage||Application, Mode of Interaction, Region|
|Region Covered||North India, West and Central India, South India, East India|
|Customization Scope||10% Free Customization|
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