The India payment gateways market is currently witnessing strong growth. 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. On account of these factors, the market is expected to continue its strong growth during the forecast period (2021-2026).
IMARC Group provides an analysis of the key trends in each sub-segment of the India payment gateways market report, along with forecasts for growth at the region level from 2021-2026. Our report has categorized the market based on region, 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.
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