India Mobile Payment Market Size, Top Players, Trends, Demand, Analysis and Forecast 2022-2027
According to IMARC Group latest report titled “India Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on Mobile Payment market in India. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India mobile payment market size reached US$ 414.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,632.3 Billion by 2027, exhibiting a growth rate (CAGR) of 26.19% during 2022-2027.
Mobile payments represent the digital alternatives to traditional payment systems where cash, cheques, or credit cards are the payment medium. They enable customers to quickly and seamlessly purchase products or services using smartphones, tablets, laptops, etc. Mobile payment solutions involve the usage of mobile applications that are linked to the financial credentials of the users and are promoted by the availability of Point-of-Sale (PoS) terminals that process the transactions. They use various technologies, including Near Field Communication (NFC), SMS-based transactional payments, direct mobile billing, etc., to enhance the security of the transaction. As a result, mobile payments are safe, secure, accessible, and convenient.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the purchase behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
The increasing smartphone penetration and the rising internet accessibility are among the key factors driving the India mobile payment market. Moreover, the growing incorporation of loyalty and incentive programs to store all the necessary information digitally and expand the customer base is further propelling the market growth. Apart from this, the integration of these applications with passcodes and biometric authentication services to ensure a secure payment gateway and minimize the chances of security theft or fraud is also augmenting the market across the country. Furthermore, the launch of numerous favorable policies by government bodies to promote cashless payments is acting as another significant growth-inducing factor. Besides this, the inflating popularity of prepaid payment instruments and buy-now-pay-later services is projected to catalyze the India mobile payment market over the forecasted period.
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India Mobile Payment Market Segmentation:
Our report has categorized the market based on region, mode of transaction and application.
Market Breakup by Mode of Transaction:
Market Breakup by Application:
- Energy and Utilities
- Hospitality and Transportation
Market Breakup by Region:
- North India
- West and Central India
- South India
- East India
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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