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.
What is Payment Gateways?
A payment gateway refers to a service provider that acts as an interface between payment portals, such as e-commerce websites, and the acquiring banks. It generally protects sensitive data, including credit card or bank account details, from fraudulent activities while completing the submission with HTTPS protocol that secures personal information. In line with this, a payment gateway offers consumers the facility to make purchases at any hour of the day without the inconvenience of waiting in long queues. It simplifies the bill payment process by reducing the requirement for physical cards. Consequently, a payment gateway is extensively utilized across India.
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What are the growth prospects and trends in the india payment gateways industry?
The growing usage of mobile wallets and the increasing number of online transactions are primarily augmenting the India payment gateways market. Furthermore, the introduction of token systems, cash pooling, and numerous cashless transactions is also bolstering the market growth. Apart from this, the widespread adoption of smartphones and tablets, the development of biometric payment cards that are with integrated fingerprint sensors, and the inflating popularity of online shopping are acting as significant growth-inducing factors. Moreover, the rising penetration of the internet and improved network bandwidth across the country are stimulating the market growth. Besides this, several banks are collaborating with retail vendors to provide cashback schemes or discounts to retain the existing consumer base, which is further catalyzing the market growth. Additionally, the escalating demand for near field communication (NFC) and point-of-sale (POS) terminals to facilitate mobile payments is expected to fuel the India payment gateways market in the coming years.
What is included in market 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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