How big is the India Payments Market?

The India Payments Market size is expected to reach USD 357.51 billion in 2024 and grow at a CAGR of 17.90% to reach USD 814.43 billion by 2029. Read More

What is the current India Payments Market size?

In 2024, the India Payments Market size is expected to reach USD 357.51 billion. Read More

Who are the key players in India Payments Market?

Visa Inc., Mastercard Inc., PhonePe Pvt Ltd. (Flipkart Internet Pvt Ltd), Google pay (Google LLC) and Rupay are the major companies operating in the India Payments Market. Read More

What years does this India Payments Market cover, and what was the market size in 2023?

In 2023, the India Payments Market size was estimated at USD 293.52 billion. The report covers the India Payments Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the India Payments Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key trends in the India Payments Market?

Key trends in the Indian Payments Market are a) Rise of digital payments b) Increased adoption of mobile wallets c) Government's push towards a cashless economy Read More

What are the future opportunities in the India Payments Market?

Future opportunities in Indian Payment Market include a) Expansion into rural markets b) Integration with international payment systems c) Development of new payment solutions Read More

India Payments Market Share

Statistics for the 2023 & 2024 India Payments market share, created by Mordor Intelligence™ Industry Reports. India Payments share report includes a market forecast to 2029 and historical overview. Get a sample of this industry share analysis as a free report PDF download.

Market Share of India Payments Industry

The Indian payments market is fragmented due to the presence of several companies. However, a few significant market players, like Paytm, have contributed considerably to the market's growth. There is intense market competition as different players compete to maximize their profits. Payment aggregators are likewise attempting to expand their market share by implementing various measures, including expanding their product line and adopting strategies like acquisitions and partnerships. Some major companies in the payments market are Visa Inc., Mastercard Inc., Phonepe Pvt Ltd (Flipkart Internet Pvt. Ltd), Google Pay (Google LLC), and Rupay.

June 2024: Hitachi Payment Services obtained final authorization from the Reserve Bank of India (RBI) to operate as an online payment aggregator under the Payments and Settlement Systems Act. This approval allows the company to enhance its digital solutions and services portfolio, offering a comprehensive array of innovative and merchant-friendly payment options, including UPI, net banking, cards, and wallets, along with value-added services such as EMI, pay later, buy now pay later (BNPL), link-based payments, and customized loyalty solutions for merchants.
May 2024: Paytm Payments Bank (PPBL) moved its bill payment operations to Euronet Services India, a US-based payment technology firm that specializes in managing backend settlement systems for numerous digital payment channels in India after recently switching its retail point-of-sale business to RBL Bank and merchant payment settlement services to Axis Bank.
May 2024: Amnex Infotechnologies and Mastercard formed a strategic collaboration to develop advanced payment acceptance solutions within the urban mobility industry. This initiative aims to enhance the efficiency and convenience of transit systems. The partnership highlights the mutual commitment of both companies to co-create advanced transit solutions. They plan to implement these innovations across 20 cities in India, beginning with two pilot projects and subsequently extending their efforts to the Middle East and other regions.