India Digital Payment Market 2024: A Valuation of USD 624 Billion Predicted by 2032

Written by Tushar Imarc » Updated on: November 12th, 2024

India Digital Payment Market Overview

Base Year: 2023

Historical Years: 2018-2023

Forecast Years: 2024-2032

Market Growth Rate: 7.70% (2024-2032)

Market Size in 2023: USD 320 Billion

Market Size in 2032: USD 624 Billion

India digital payment market is rapidly growing, driven by fintech innovation, UPI adoption, and government initiatives. According to the latest report by IMARC Group, the market reached USD 320 Billion in 2023. Looking forward, IMARC Group expects the market to reach USD 624 Billion by 2032, exhibiting a growth rate (CAGR) of 7.70% during 2024-2032.

India Digital Payment Market Trends and Drivers:

The growing utilization of smartphones, increasing internet services, as well as the rising preference for cashless transactions, are the factors responsible for the growth of the India digital payment market. Besides this, the market is propelled by initiatives by government authorities, such as Digital India along with demonetization, which has accelerated the adoption of digital payment platforms, encouraging consumers and businesses to transition from cash to digital modes of payment.

The widespread use of the Unified Payments Interface (UPI) has significantly boosted real-time transactions, making payments faster and more convenient. Moreover, the rise of e-commerce, online services, and fintech companies offering seamless digital payment solutions has further propelled the market.

Key trends in the India digital payment market include the rising focus on security and innovation in payment technology. In addition to this, companies are investing in encryption, biometric authentication, and tokenization to ensure secure transactions with the rise of cyber threats. Contactless payments, driven by Near Field Communication (NFC) technology, are becoming popular, especially in urban areas, offering a quick and safe payment option.

The growth of digital wallets, Buy Now Pay Later (BNPL) schemes and QR code-based payments is also reshaping consumer behavior, providing flexible and user-friendly options for transactions. Furthermore, the expansion of digital payments into rural areas through mobile banking and payment apps is bridging the financial inclusion gap. Apart from this, the India digital payment market is expected to see robust growth in the coming years with continued support from government authorities, technological advancements, and increasing consumer trust.

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India Digital Payment Industry Segmentation:

The report has segmented the market into the following categories:

Component Insights:

• Solutions

o Application Program Interface

o Payment Gateway

o Payment Processing

o Payment Security and Fraud Management

o Transaction Risk Management

o Others

• Services

o Professional Services

o Managed Services

Payment Mode Insights:

• Bank Cards

• Digital Currencies

• Digital Wallets

• Net Banking

• Others

Deployment Type Insights:

• Cloud-based

• On-premises

End Use Industry Insights:

• BFSI

• Healthcare

• IT and Telecom

• Media and Entertainment

• Retail and E-commerce

• Transportation

• Others

Regional Insights:

• North India

• West and Central India

• South India

• East and Northeast India

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players.

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Key Highlights of the Report:

• Market Performance (2018-2023)

• Market Outlook (2024-2032)

• Market Trends

• Market Drivers and Success Factors

• Impact of COVID-19

• Value Chain Analysis

• Comprehensive mapping of the competitive landscape

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

About Us:

IMARC Group is a global management consulting firm that helps the world’s most ambitious changemakers to create a lasting impact. The company provide a comprehensive suite of market entry and expansion services. IMARC offerings include thorough market assessment, feasibility studies, company incorporation assistance, factory setup support, regulatory approvals and licensing navigation, branding, marketing and sales strategies, competitive landscape and benchmarking analyses, pricing and cost research, and procurement research.

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