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 is expected to exhibit a CAGR of 26.19% during 2022-2027.
Mobile payment, also known as m-payment, includes the use of e-payment methods that are processed through smart devices to authorize, initiate, and confirm the transaction of money. It is facilitated via the availability of point-of-sale (POS) terminals and nearfield communications and mobile applications that are linked to the financial credentials of individuals. Since POS terminals do not save user data on the merchant’s POS terminal, mobile payments are considered to be a safer and reliable option when compared with the conventional methods. Moreover, mobile payments are convenient and automated to enable hassle-free dealing of payment methods, including cash and checks. They are extensively utilized in several industries, including the food service, retail, e-commerce and entertainment sectors.
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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 market in India is primarily driven by significant growth in the e-commerce sector. Coupled with the widespread adoption of smartphones and continual improvements in the network infrastructure, this has contributed to the growing requirement for mobile-based payments among individuals. Moreover, the increasing awareness regarding the improved safety of these transactions is also acting as a major-growth inducing factor. Mobile payment solutions are also increasingly being integrated with multi-factor authentication in an attempt to improve the safety and security of the overall transaction process. Furthermore, numerous mobile payment services are also introducing loyalty and incentive programs to offer additional benefits to their consumers, thereby creating a positive outlook for the market. Some of the other factors contributing to the market growth include the introduction of smart payment programs across numerous sectors, the widespread preference for contactless payment methods among the masses due to the rapid outbreak of COVID-19 and the numerous initiatives undertaken by the Government of India in an attempt to promote digital payments.
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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:
Market Breakup by Region:
Key highlights of the report:
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