India UPI Apps Market Analysis by Leading Companies: PhonePe, Google Pay, Etc.

The recently published analytical report description by renowned consulting, data analytics, and market research firm, Markntel Advisors describes, prominent players' potential & recent achievements and forecasts their expected market influence in the upcoming years. The concerned report description demonstrates the operation of the players including new launching of innovative products, strategic collaborations, or partnerships, that bolster the growth of the India UPI Apps market. One of the leading market players Google Pay introduced UPI Circle, a feature allowing users to add family members and friends as secondary users, to make digital payments without linking their bank accounts.

The report further comprises “India UPI Apps Market Research Report: Forecast (2024-2030)”, According to the report, the India UPI Apps Market size is projected to grow at a CAGR of around 10.5% during the forecast period, i.e., 2024-30.

Leading Segmentation Analysis Based On Type, Application, and Geography

The India UPI Apps market is segmented into five segments type, end user, transaction type, application, and geography.

• Based on Type, the market is segmented into Peer-to-Peer (P2P) Payments and Peer-to-Merchant (P2M) Payments
• Based on Application, the market is segmented into Money Transfer, Bill Payments, Point of Sale, and Others
• Based on Transaction Type, the market is segmented into Domestic, and Cross Border
• Based on End User, the market is segmented into BFSI, Retail & E-Commerce, IT & Telecom, Healthcare, Travel & Hospitality, Transportation & Logistics, Media & Entertainment, and Others
• Based on Geography, the market is segmented into North, East, West, and South.

Key Takeaways

• Customization:  10.5%
• Study Period: India UPI Apps market report historical data – 2019-22, Base year – 2023, and Forecast Period- 2024-30.
• Market Growth: The India UPI Apps Market is estimated to grow at a CAGR of around 10.5% during the forecast period, i.e., 2024-2030.
• Growth Driver: The India UPI Apps market is expected to expand with the Government Policies for Digital Payments & Financial Inclusion
• Growth Challenges: The India UPI Apps market is expected to be hampered owing to the Cybersecurity & Fraud Concerns
• By Type: The Peer-to-Merchant (P2M) payments segment led the market segment as Various government initiatives also support this trend and promoting digital payments and the increasing consumer preference for cashless transactions
• By Application: The Money Transfer segment led the market segment, as UPI makes the transfer convenient, and cost-effective with higher speed on real real-time basis using smartphones or computers.

Frequently Asked Questions (FAQs)-

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What leading factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & India UPI Apps adoption?
5. Which region will dominate India UPI Apps in the upcoming years?
6. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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