India Payment Gateways Market Share, Growth, Size and Forecast 2023-2028

According to the latest report by IMARC Group "India Payment Gateways Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The India payment gateways market size reached US$ 1,459.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,897.6 Million by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028. This report can serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who are planning to foray into the market in any form.

A payment gateway represents a service provider that acts as an interface between payment portals, such as e-commerce websites and the acquiring banks. This outlet protects sensitive data, including bank account or credit card details, from fraudulent activities while completing requests with HTTPS protocol that secures personal information. In addition, payment gateways allow consumers to make purchases at any hour of the day without the inconvenience of remaining in long queues. As a result, these service providers find widespread applications across various sectors, such as retail, media and entertainment, and BFSI.

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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

India Payment Gateways Market Trends and Drivers:

The elevating requirement for these services, owing to the rising use of mobile wallets and the significant advancements in revenue technology, is among the primary factors driving the India payment gateways market. Besides this, the increasing number of online transactions and the emerging trend of several methods, including token systems and cash pooling, are further augmenting the market growth. Moreover, the growing popularity of payment gateways, such as credit or debit cards, mobile wallets, and net banking, for making money transfers that offer a convenient method to users is also catalyzing the market across India.

Apart from this, the rising utilization of smartphones and tablets, the high penetration of the internet, and the improved network bandwidth across the country are acting as significant growth-inducing factors. Additionally, various banks are collaborating with retail vendors to provide cashback schemes or discounts to retain the existing consumer base, which is also stimulating market growth. Furthermore, the escalating digital transformation of businesses and the development of innovative methods for conducting online transactions are expected to bolster the India payment gateways market in the coming years.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Application:

• Large Enterprises
• Micro and Small Enterprises
• Mid-Size Enterprises

Breakup by Mode of Interaction:

• Hosted Payment Gateways
• Pro/Self-Hosted Payment Gateways
• API/Non-Hosted Payment Gateways
• Local Bank Integrates
• Direct Payment Gateways
• Platform-Based Payment Gateways

Breakup by Region:

• North India
• West and Central India
• South India
• East 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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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry 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.

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