The new report by Expert Market Research titled, ‘India Payment Market Size, Share, Price, Trends, Growth, Report and Forecast 2020-2025’, gives an in-depth analysis of the India payment market, assessing the market based on its segments like methods, industry verticals, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2015-2025)
• Historical Global Payment Market Size (2019): USD 2.3 Trillion
• Global Payment Market Forecast CAGR (2020-2025): 11%
• Forecast Global Payment Market Size (2025): USD 4.4 Trillion
The India payment market depends on factors such as disposable incomes, household expenditure, reach amongst customers, and merchant acquisitions. The India payment market is being driven by the increase in digitalisation. The escalating shift from cash to e-wallets after demonetisation has propelled the market forward. The high demographic structure of younger consumers in the country has contributed to the historical growth of the market. The growing penetration of the banking system in rural areas and tier 2 and tier 3 cities is expected to propel the India payment market in the forecast period. Overall, the market is being driven by rising digital transactions through mobile point of sale and mobile banking systems.
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Industry Definition and Major Segments
The India payment market includes various payment card markets, payment methods based on the number of cards in circulation, and transaction values and volumes in a year.
On the basis of method, the market is segmented into:
• Debit Card
• Credit Card
• Pre-Paid Card
On the basis of industry vertical, the industry is divided into:
• Utilities and Telecommunication
The regional markets for payment in India include:
The Indian government is encouraging digital and card-based payments in the country. Programmes such as “One nation -One card” launched in March 2019 aims to propel the India payment market in the digital segment. In 2019, the government initiated a merchant discount rate waiver in payments made via Bharat Interface for Money (BHIM), UPI, UPI QE code, and others. The government is also extensively promoting and establishing the banking system in rural areas. In 2018, the Indian government launched the India Post Payments Bank.
Key Market Players
The major players in the market are Mswipe, Pine Labs, EPaisa, Mosambee, MobiSwipe Technologies Private Limited, ICICI Merchant Services, MRL Posnet, BijliPay, PayUmoney, Ezetap, PayTM, Mobikwik, FreeCharge, Oxigen, and others. The report covers the market shares, capacities, plant turnarounds, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
India Prepaid Cards Market: https://www.expertmarketresearch.com/reports/india-prepaid-cards-market
Virtual Payment (POS) Terminals Market: https://www.expertmarketresearch.com/reports/virtual-payment-terminals-market
United States ATM Services Market: https://www.expertmarketresearch.com/reports/united-states-of-america-atm-services-market
Cash in Transit Services Market: https://www.expertmarketresearch.com/reports/cash-in-transit-service-market
ATM Services Market: https://www.expertmarketresearch.com/reports/atm-services-market
Note 2: As the novel coronavirus (COVID-19) continues to spread across the world, our analysts are constantly tracking the impact of this rapidly evolving situation on the markets and the consumer purchase behaviours. Thus, our latest estimates and analysis about the current market trends and forecast will exhaustively reflect the effects of this emerging pandemic.
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