According to TechSci Research report, India Payment Gateway Market - Industry Size, Share, Trends, Opportunity, Forecast and Opportunities, 2018–2028, the India Payment Gateway market is expected to register a robust growth during the forecast period, 2024-2028. The evolution of consumer payment behavior is profoundly impacting the payment gateway industry. With a rising preference for digital payments, consumers seek fast, convenient, and secure methods for making purchases both online and in-person.
Download Free Sample Report: https://www.techsciresearch.com/sample-report.aspx?cid=15269
As digital wallets, mobile payments, and other electronic payment methods gain popularity, payment gateways are adapting to meet these changing consumer expectations. This adaptation has spurred the development of innovative payment technologies like contactless payments, mobile wallets, and biometric authentication, aimed at enhancing convenience, security, and transaction speed. To combat fraud, payment gateways are investing in advanced technologies such as machine learning algorithms for real-time detection and prevention of fraudulent activities.
Browse over 30 market data Figures spread through 70 Pages and an in-depth TOC on " India Payment Gateway Market.”
Furthermore, collaboration with banks and financial institutions enables payment gateways to offer flexible payment options such as installment plans and buy-now-pay-later schemes. These initiatives cater to consumer preferences by allowing them to manage their finances effectively while enjoying the benefits of digital transactions.
Blockchain technology holds significant potential to revolutionize payment gateways in India. It promises faster transaction processing times, enhanced security, transparency, and reduced transaction costs compared to traditional systems. Cryptocurrencies such as Bitcoin, Ethereum, and Ripple are gaining traction in India, with potential applications in payment gateways to facilitate direct cryptocurrency payments for goods and services.
The India Payment Gateway Market, detailed across 30 market data figures and a comprehensive 70-page TOC, reflects these trends and innovations. Biometric authentication integration is emerging as a key trend shaping the market. Enterprises are segmented into small & medium enterprises (SMEs) and large enterprises, with SMEs expected to grow rapidly. Within various industries such as travel, retail, healthcare, education, government, and utilities, retail leads in adoption, leveraging platforms like PayPal to enhance online transactions.
The dominance of hosted payment gateways, which enable quick installation on websites, is expected to continue till 2026. The retail sector, driven by increasing e-commerce adoption and government initiatives promoting cashless transactions post-demonetization, is set for significant growth in the payment gateway market.
In conclusion, India's payment gateway market is on a trajectory of substantial growth, driven by technological advancements, changing consumer preferences towards digital payments, and supportive government policies promoting a digital economy.
Key market players in the India Payment Gateway market:
PayU
Paytm
Razorpay Software Private Limited
PayPal India Private Limited
CCAvenue
BillDesk
Instamojo Technologies Private Limited
One MobiKwik Systems Private Limited
IMSL-Fiserv
Ingenico
Recent Developments:
In 2020, Paytm, one of the leading digital payment companies in India, acquired BalanceTech, a payments and financial services platform. The acquisition helped Paytm to expand its offerings and strengthen its position in the payment gateway market.
In 2020, Razorpay, a leading payment gateway provider, acquired Thirdwatch, an AI-powered fraud prevention startup. The acquisition helped Razorpay enhance its security features and prevent fraudulent transactions, thereby building trust with customers.
Customers can also request for 10% free customization on this report.
“One of the key factors driving this growth is the rapid expansion of e-commerce in India. With the increasing availability of smartphones and high-speed internet, more and more consumers are shopping online, which has led to a surge in demand for digital payment options. As a result, payment gateway providers are partnering with e-commerce companies and online marketplaces to offer consumers a variety of payment options, such as credit cards, debit cards, mobile wallets, and UPI, thereby positively driving the Payment Gateway market in the country in the coming years,” said, Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“India Payment Gateway Market Segmented by Type (Hosted, Bank Integrated, and Self-hosted), By Enterprise Size (Large Enterprise, and Small & Medium Enterprise (SME)), By Vertical (Retail, Travel & Hospitality, Healthcare, Education, Government, Utilities, and Others), By Region, Competition, Forecast and Opportunities, 2028” has evaluated the future growth potential of India Payment Gateway market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Payment Gateway market.
Contact
Techsci Research LLC
420 Lexington Avenue, Suite 300,
New York, United States- 10170
Tel: +13322586602
Email: sales@techsciresearch.com
Write a comment ...