India Payment Market Size And Forecast : Report 2024-2032

India Payment Market

By 2028, the Indian payment market is projected to grow to $8,137.3 billion in value. From 2022 to 2028, the market is expected to expand at a compound annual growth rate (CAGR) of 21.4%.

Payment Market Trends in India

The payments market is predicted to be driven by the robust growth of e-commerce and the rise of m-commerce.

increased internet and smartphone penetration as well as increased consumer income are driving India’s e-commerce market’s continued rapid expansion. Customers from tier II and tier III cities—where individuals have limited access to brands but great aspirations—are drawn to e-commerce more and more. India Payment Market The growing use of digital payments and Buy Now Pay Later services in the area is contributing to the growth of e-commerce.

Local digital wallets like Paytm, MobiKwik, and PhonePe compete with Google Pay, Amazon Pay, and others for this expanding E-commerce sector. Digital payments are quickly becoming the preferred mode of payment for online purchases and are predicted to hold the majority share in the upcoming years.

Additionally, real-time payment systems like Buy Now Pay Later are progressively becoming a well-liked option for payment checkout in lieu of credit cards for the e-commerce industry. Real-time payment services have been increasingly popular in the e-commerce industry because to the offerings of the major players in the sector, like Flipkart and Amazon, who provide Flipkart Pay Later and Amazon Pay Later services to their customers.

RBI Report: A third of digital payment users in rural India are merchants, with a greater adoption rate than consumers.

According to the Reserve Bank of India’s most recent Currency and Finance report, digital transactions in India saw a 52% compound annual growth rate (CAGR) in volume and a 12% CAGR in value terms between FY14 and FY24. This represents a significant transition in the country’s payment landscape over the previous ten years.

From 0.8 in FY06 to an astounding 56 in FY24, the number of transactions per lakh of GDP increased significantly. Furthermore, according to RBI’s research, the number of transactions per capita increased dramatically from 0.2 in FY06 to 114 in FY24, indicating the growing acceptability of digital payments among Indian consumers.

According to RBI’s report, “India has witnessed a revolution in its digital payments journey, without so realizing, to become a leader in the digital payments landscape.” The remarkable growth observed across all facets of digital transactions over the past ten years supports the shift to digital modes of payment.

Digital Payment Modes – Market, Volume & Revenues breakup from 7 viewpoints

1. UPI

1. a) Transaction Value
2. b) Transaction Volume
3. c) Revenue

2. NETC

1. a) Transaction Value
2. b) Transaction Volume
3. c) Revenue

3. Bharat Bill Pay System (BBPS)

3.1    Transaction Value

3.2    Transaction Volume

3.3    Revenue

3.4    Existing Business Categories

3.5    New Business Categories

3.6    Categories Share in Transaction Volume

3.7    Channel Wise Split (Transaction Value)

4. Cross-Border Remittances

1. a) Inflow
2. b) Outflow
3. c) Revenue

5. Cards

5.1    Credit Card Transactions

5.1.1    Transaction Value

5.1.2    Transaction Volume

5.2    Debit Card Transactions

5.2.1    Transaction Value

5.2.2    Transaction Volume

5.3    Revenue (Credit Card and Debit Card)

5.4    ATM Transactions

5.4.1    Transaction Value

5.4.2    Transaction Volume

5.4.3    Revenue

5.5    Merchant Acquiring Revenue

5.6    VAS Revenue

6. AePs

1. a) Transaction Value
2. b) Transaction Volume
3. c) Revenue

7. Prepaid Payment Instruments

1. a) Transaction Value
2. b) Transaction Volume
3. c) Revenue

All companies have been covered from 3 viewpoints

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• Overviews
• Recent developments
• Revenues

Company Insights

1. PayTM
2. Mobikwik
3. Google Pay
4. Amazon Pay
5. PhonePe

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