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Written by Jack » Updated on: October 23rd, 2024
Browse over 30 market data Figures spread through 70 Pages and an in-depth TOC on the “India Payment Gateway Market.”
According to the TechSci Research report titled "India Payment Gateway Market - Industry Size, Share, Trends, Opportunity, Forecast, and Opportunities, 2018–2028", the India Payment Gateway market is poised for robust growth during the forecast period of 2024-2028. This growth is primarily fueled by the evolving consumer payment behavior, which emphasizes the need for fast, convenient, and secure payment methods, both online and in-person.
As consumers increasingly gravitate towards digital wallets, mobile payments, and other electronic payment methods, payment gateways are adapting by developing new technologies such as contactless payments, mobile payments, and biometric authentication. These advancements aim to enhance the convenience, security, and speed of payments. Additionally, payment gateways are investing in advanced fraud prevention technologies, including machine learning algorithms, to combat identity theft and other fraudulent activities in real time. Moreover, partnerships with banks and financial institutions are expanding payment options for consumers, such as installment payments and buy-now-pay-later programs.
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The adoption of blockchain technology in India has the potential to further drive the development of payment gateways by offering advantages like faster transaction processing, increased security, and transparency, and reduced transaction costs. Cryptocurrency-based payment systems utilizing blockchain technology could potentially revolutionize payment mechanisms in the country.
The report segments the India Payment Gateway market based on type, enterprise size, end-user vertical, and region. Currently, the market is witnessing a significant trend towards the integration of biometric authentication across payment gateway solutions. Large enterprises dominate the market, although small and medium enterprises (SMEs) are projected to grow rapidly. In terms of end-user verticals, the retail segment leads the market, driven by the adoption of various payment gateways by retail companies to facilitate online transactions.
Key market players in the India Payment Gateway market:
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Recent developments in the market include acquisitions by leading players such as Paytm and Razorpay, aimed at expanding their offerings and enhancing security features to prevent fraudulent transactions.
Mr. Karan Chechi, Research Director at TechSci Research, highlights the rapid expansion of e-commerce in India as a key driver of market growth. With increasing smartphone penetration and high-speed internet availability, consumers are increasingly turning to online shopping, leading to a surge in demand for digital payment options.
The report, titled "India Payment Gateway Market Segmented by Type (Hosted, Bank Integrated, and Self-hosted), By Enterprise Size (Large Enterprise and Small & Medium Enterprise), By Vertical (Retail, Travel & Hospitality, Healthcare, Education, Government, Utilities, and Others), By Region, Competition, Forecast, and Opportunities, 2028", aims to provide comprehensive market intelligence to aid decision-makers in making informed investment decisions. Additionally, it identifies emerging trends, drivers, challenges, and opportunities in the Payment Gateway market.
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