PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1500730
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1500730
India Digital Payment Market, By Mode of Payment (Digital Wallets, Net Banking, Cards, UPI, Point of Sale ); By End User Industry; By Region, Trend Analysis, Competitive Landscape & Forecast, 2019-2030
India Digital Payment Market Size Booming at Robust CAGR of More Than 10% to Surpass Value of Whopping USD 123 Billion by 2030
India Digital Payment Market is flourishing due to the government's increasing number of supportive initiatives, deepening penetration of smartphones and internet, and thriving e-commerce sector.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the India Digital Payment Market size by value at USD 116.6 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the India Digital Payment Market size to expand at a CAGR of 10.09% reaching a value of USD 123.23 billion by 2030. The Digital Payment Market in India is propelled by the government's increasing number of supportive initiatives, growing adoption of technological advancements, further deepening of internet and smartphone penetration, and the burgeoning e-commerce sector. Government policies, such as the demonetization policy of 2016 and initiatives like Digital India, Make in India, and Startup India, have significantly accelerated the adoption of digital payments. The introduction of the Unified Payments Interface (UPI) and the Bharat Interface for Money (BHIM) app has further revolutionized the digital payments landscape, enabling seamless real-time transactions. The rise in the number of internet users along with the widespread adoption of smartphones, has also fueled the growth of mobile wallets and other digital payment methods. The expanding e-commerce market has increased the demand for digital payments, while private sector contributions, including various digital payment solutions like mobile wallets and QR code-based systems, complement government efforts. Furthermore, targeted initiatives in rural areas have expanded financial inclusion, supporting the overall growth of the digital payment ecosystem in India. The dynamic environment underscores a promising future for digital payments, as the market continues to evolve and expand.
Opportunity - Innovations in digital payment solutions
Innovations in payment solutions have been a catalyst for the growth of India Digital Payment Market. Specialized banks like Airtel Payments Bank and Paytm Payments Bank have spearheaded financial inclusion and digital transactions. Simultaneously, the widespread adoption of digital payment apps, such as Google Pay and PhonePe, has revolutionized the payment landscape, offering secure and convenient options for various transactions. Integration of diverse online payment modes by e-commerce platforms has further fueled market expansion. Projections suggest substantial growth, with the sector expected to reach USD 2.3 trillion by 2026, underscoring the transformative impact of these innovations on India's financial ecosystem. This evolution signifies a major step toward a cashless society, driven by advancements in payment solutions and changing consumer behaviors.
Impact of Escalating Geopolitical Tensions on India Digital Payment Market
Geopolitical tensions can have a multifaceted impact on the India Digital Payment Market by affecting investor confidence, hindering cross-border transactions, and increasing regulatory scrutiny. Heightened instability may deter foreign investment, stalling innovations and infrastructure development in the digital payment sector. Moreover, trade restrictions and sanctions imposed by other countries could limit India's access to critical technologies and payment networks, constraining market expansion. Additionally, increased security concerns may prompt tighter regulations and compliance measures, adding complexity and costs to digital payment operations. Overall, geopolitical tensions pose significant challenges to the India Digital Payment Market, necessitating careful navigation and risk management strategies.
India Digital Payment Market
Segmental Coverage
India Digital Payment Market - By End User Industry
Based on end user industry, the India Digital Payment Market is divided into BFSI, Retail & E-commerce, Healthcare, Hospitality & Travel, and Logistics & Transportation segments. The BFSI segment holds the highest share in the India Digital Payment Market by end user industry. Banking, financial services, and insurance (BFSI) companies spearhead the adoption of digital payment technologies, enhancing customer experiences and streamlining financial transactions. With a wide array of services, such as mobile banking, internet banking, and digital wallets, banks play a pivotal role in driving the high adoption of digital payments among their customers. Initiatives like UPI (unified payments interface) and mobile banking apps have catalyzed digital transactions within the BFSI sector. Overall, the BFSI segment's robust infrastructure and innovative digital solutions solidify its position as the primary driver of digital payments in India.
India Digital Payment Market - By Region
Geographically, the India Digital Payment Market is divided into North India, South India, East India, and West India regions. The South India region holds the highest share in the India Digital Payment Market and is expected to maintain its dominance during the forecast period. Major southern Indian cities like Chennai, Bengaluru, and Hyderabad, have surged to the forefront, registering significant volumes and values in digital transactions. The southern region's dominance can be attributed to its robust digital infrastructure, widespread adoption of digital payment solutions, and proactive measures by both public and private stakeholders to promote cashless transactions. Additionally, the thriving tech ecosystem in cities like Bengaluru contributes to the region's leadership in digital payments. As the landscape evolves, South India's continued focus on innovations and collaborations ensures it remains at the forefront of India Digital Payment Market.
Competitive Landscape
The India Digital Payment Market is fragmented, with numerous players serving the market. The key players dominating the India Digital Payment Market include Alipay, Paytm, PhonePe, Cred, Razorpay, CCAvenue, Instamojo, Zeta, BharatPe, BillDesk, PayPal, Venmo, Cash App, and Rupay. The key marketing strategies adopted by the players are facility expansion, product diversification, alliances, collaborations, partnerships, and acquisitions to expand their customer reach and gain a competitive edge in the overall market.
The report's in-depth analysis provides information about growth potential, upcoming trends, and the India Digital Payment Market statistics. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the India Digital Payment Market along with industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.
Table of Contents
1. Research Framework
- 1.1. Research Objective
- 1.2. Product Overview
- 1.3. Market Segmentation
2. Executive Summary
3. India Digital Payment Market Insights
- 3.1. Industry Value Chain Analysis
- 3.2. DROC Analysis
- 3.2.1. Growth Drivers
- 3.2.1.1. Increasing Government Initiatives
- 3.2.1.2. Rising Smartphone Adoption
- 3.2.1.3. Growth of E-commerce
- 3.2.2. Restraints
- 3.2.2.1. Limited Digital Literacy
- 3.2.2.2. Internet Connectivity
- 3.2.2.3. Security Concerns
- 3.2.3. Opportunities
- 3.2.3.1. Innovation in Payment Solutions
- 3.2.3.2. Growth of Mobile Banking
- 3.2.3.3. Focus on Rural Markets
- 3.2.4. Challenges
- 3.2.4.1. Regulatory Landscape
- 3.2.4.2. Financial Inclusion Costs
- 3.2.1. Growth Drivers
- 3.3. Technological Advancements/Recent Developments
- 3.4. Regulatory Framework
- 3.5. Porter's Five Forces Analysis
- 3.5.1. Bargaining Power of Suppliers
- 3.5.2. Bargaining Power of Buyers
- 3.5.3. Threat of New Entrants
- 3.5.4. Threat of Substitutes
- 3.5.5. Intensity of Rivalry
4. India Digital Payment Market: Pricing Analysis
5. India Digital Payment Market: Marketing Strategies
6. India Digital Payment Market Overview
- 6.1. Market Size & Forecast, 2019-2030
- 6.1.1. By Value (USD Billion)
- 6.2. Market Share & Forecast
- 6.2.1. By Mode of Payment
- 6.2.1.1. Digital Wallets
- 6.2.1.2. Net Banking
- 6.2.1.3. Cards
- 6.2.1.4. UPI
- 6.2.1.5. Point of Sale (POS)
- 6.2.1.6. Others
- 6.2.2. By End User Industry
- 6.2.2.1. BFSI
- 6.2.2.2. Retail & E-commerce
- 6.2.2.3. Healthcare
- 6.2.2.4. Hospitality & Travel
- 6.2.2.5. Logistics & Transportation
- 6.2.2.6. Others (Utilities, Education)
- 6.2.3. By Region
- 6.2.3.1. North India
- 6.2.3.2. South India
- 6.2.3.3. East India
- 6.2.3.4. West India
- 6.2.1. By Mode of Payment
7. North India Digital Payment Market
- 7.1. Market Size & Forecast, 2019-2030
- 7.1.1. By Value (USD Billion)
- 7.2. Market Share & Forecast
- 7.2.1. By Mode of Payment
- 7.2.2. By End User Industry
8. South India Digital Payment Market
- 8.1. Market Size & Forecast, 2019-2030
- 8.1.1. By Value (USD Billion)
- 8.2. Market Share & Forecast
- 8.2.1. By Mode of Payment
- 8.2.2. By End User Industry
9. East India Digital Payment Market
- 9.1. Market Size & Forecast, 2019-2030
- 9.1.1. By Value (USD Billion)
- 9.2. Market Share & Forecast
- 9.2.1. By Mode of Payment
- 9.2.2. By End User Industry
10. West India Digital Payment Market
- 10.1. Market Size & Forecast, 2019-2030
- 10.1.1. By Value (USD Billion)
- 10.2. Market Share & Forecast
- 10.2.1. By Mode of Payment
- 10.2.2. By End User Industry
11. India Digital Payment Market: Import & Export
12. Competitive Landscape
- 12.1. List of Key Players and Their Offerings
- 12.2. India Digital Payment Company Market Share Analysis, 2023
- 12.3. Competitive Benchmarking, By Operation Channel Parameters
- 12.4. Key Strategic Development (Mergers, Acquisitions, Partnerships, etc.)
13. Impact of Escalating Geopolitical Tensions on India Digital Payment Market
14. Company Profiles (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, and SWOT Analysis)
- 14.1. Alipay
- 14.2. Paytm
- 14.3. PhonePe
- 14.4. Cred
- 14.5. Razorpay
- 14.6. CCAvenue
- 14.7. Instamojo
- 14.8. Zeta
- 14.9. BharatPe
- 14.10. BillDesk
- 14.11. PayPal
- 14.12. Venmo
- 14.13. Cash App
- 14.14. Rupay
- 14.15. Other Prominent Players
15. Key Strategic Recommendations
16. Research Methodology
- 16.1. Qualitative Research
- 16.1.1. Primary & Secondary Research
- 16.2. Quantitative Research
- 16.3. Market Breakdown & Data Triangulation
- 16.3.1. Secondary Research
- 16.3.2. Primary Research
- 16.4. Breakdown of Primary Research Respondents, By Region
- 16.5. Assumption & Limitation
*Financial information of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on in-depth secondary for the final deliverable
List of Figures
- Figure 1 India Digital Payment Market Segmentation
- Figure 2 India Digital Payment Market Value Chain Analysis
- Figure 3 Company Market Share Analysis, 2023
- Figure 4 India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Figure 5 India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Figure 6 India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Figure 7 India Digital Payment Market Share, By Region, By Value (USD Billion) 2019-2030
- Figure 8 North India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Figure 9 North India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Figure 10 North India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Figure 11 South India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Figure 12 South India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Figure 13 South India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Figure 14 East India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Figure 15 East India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Figure 16 East India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Figure 17 West India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Figure 18 West India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Figure 19 West India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
List of Tables
- Table 1 India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Table 2 India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Table 3 India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Table 4 India Digital Payment Market Share, By Region, By Value (USD Billion) 2019-2030
- Table 5 North India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Table 6 North India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Table 7 North India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Table 8 South India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Table 9 South India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Table 10 South India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Table 11 East India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Table 12 East India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Table 13 East India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Table 14 West India Digital Payment Market Size, By Value (USD Billion), 2019-2030
- Table 15 West India Digital Payment Market Share, By Mode of Payment, By Value (USD Billion) 2019-2030
- Table 16 West India Digital Payment Market Share, By End User Industry, By Value (USD Billion) 2019-2030
- Table 17 Alipay Company Overview
- Table 18 Alipay Financial Overview
- Table 19 Paytm Company Overview
- Table 20 Paytm Financial Overview
- Table 21 PhonePe Company Overview
- Table 22 PhonePe Financial Overview
- Table 23 Cred Company Overview
- Table 24 Cred Financial Overview
- Table 25 Razorpay Company Overview
- Table 26 Razorpay Financial Overview
- Table 27 CCAvenue Company Overview
- Table 28 CCAvenue Financial Overview
- Table 29 Instamojo Company Overview
- Table 30 Instamojo Financial Overview
- Table 31 Zeta Company Overview
- Table 32 Zeta Financial Overview
