According to the latest report by IMARC Group, titled "India mobile payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the India mobile payment market is expected to exhibit a CAGR of 26.19% during 2022-2027. Mobile payment, also known as m-payment, includes the use of e-payment methods that are processed through smart devices to authorize, initiate, and confirm the transaction of money. It is facilitated via the availability of point-of-sale (POS) terminals and nearfield communications and mobile applications that are linked to the financial credentials of individuals. Since POS terminals do not save user data on the merchant’s POS terminal, mobile payments are considered to be a safer and reliable option when compared with the conventional methods. Moreover, mobile payments are convenient and automated to enable hassle-free dealing of payment methods, including cash and checks. They are extensively utilized in several industries, including the food service, retail, e-commerce and entertainment sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
India Mobile Payment Market Trends:
The market in India is primarily driven by significant growth in the e-commerce sector. Coupled with the widespread adoption of smartphones and continual improvements in the network infrastructure, this has contributed to the growing requirement for mobile-based payments among individuals. Moreover, the increasing awareness regarding the improved safety of these transactions is also acting as a major-growth inducing factor. Mobile payment solutions are also increasingly being integrated with multi-factor authentication in an attempt to improve the safety and security of the overall transaction process. Furthermore, numerous mobile payment services are also introducing loyalty and incentive programs to offer additional benefits to their consumers, thereby creating a positive outlook for the market. Some of the other factors contributing to the market growth include the introduction of smart payment programs across numerous sectors, the widespread preference for contactless payment methods among the masses due to the rapid outbreak of COVID-19 and the numerous initiatives undertaken by the Government of India in an attempt to promote digital payments.
- On the basis of the mode of transaction, the market has been divided into WAP, NFC, SMS, USSD, and others.
- Based on the application, the market has been classified into entertainment, energy and utilities, healthcare, retail, hospitality and transportation, and others.
- On the geographical front, the market has been segmented into North India, West and Central India, South India, and East India.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players.
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