According to the latest report by IMARC Group, titled “India Payment Gateways Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the India payment gateways market size reached US$ 1,459.7 Million in 2022. Payment Gateways are essential financial tools that facilitate secure and seamless online transactions between merchants and customers. It acts as an intermediary between the two parties and securely authorizes and processes payment transactions, ensuring sensitive payment information, such as credit card details, remains encrypted and protected from potential fraud or unauthorized access. These gateways enable businesses to accept various payment methods, including credit cards, debit cards, digital wallets, and even cryptocurrencies, providing customers with convenient and flexible payment options. They play a crucial role in e-commerce, enabling merchants to expand their reach and cater to a diverse customer base.
India Payment Gateways Market Trends:
The expanding e-commerce is driving the market in India. As consumers increasingly shift towards online shopping, businesses need reliable payment solutions to process transactions efficiently. Payment gateways offer a secure and user-friendly way to handle online payments, making them indispensable for e-commerce platforms and businesses of all sizes. Moreover, the rise in mobile device usage and the popularity of mobile commerce have driven the demand for payment gateways that are optimized for mobile transactions. With the proliferation of smartphones and mobile wallets, consumers expect seamless and convenient payment experiences on their handheld devices, further fueling the growth of the payment gateway market. Also, the growth of international trade of businesses have necessitated payment solutions that can handle cross-border transactions. Furthermore, continual advancements in cloud computing, artificial intelligence (AI), and data analytics have enhanced the capabilities of payment gateways. Looking forward, the market value is projected to reach US$ 2,897.6 Million by 2028, expanding at a CAGR of 11.6% during 2023-2028.
- Based on the application, the market has been segmented into large, micro, and small, and mid-size enterprises. Among these, large enterprises exhibit a clear dominance in the market.
- On the basis of the mode of interaction, the market has been divided into hosted payment gateways, pro/self-hosted payment gateways, API/non-hosted payment gateways, local bank integrates, direct payment gateways, and platform-based payment gateways. Among these, hosted payment gateways exhibit a clear dominance in the market.
- Region-wise, the market has been segmented into North India, West and Central India, South India, and East India. Among these, West and Central India holds the leading position in the market.
- The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
|Base Year of the Analysis
||Application, Mode of Interaction, Region
|| North India, West and Central India, South India, East India
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