E-payment Solutions Market in India 2021

  • Product Code:
    RP-ID-10351996
  • Published Date:
    21 Oct 2022
  • Region:
    Global
  • Pages:
    71
  • Category:
    ICT & Telecom
  • Publisher:
    Pub-ID-13

Impact Analysis on the Growth of Market

Inflation and Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

..

..

The Research Report is Updated with 2022 Base Year, 2023 Estimated year and Forecast till 2035 with Market Insights.


With the dip in global production, the GDP has contracted in 2020 and impacted the market across the world. Upon placing a Sample Request, you will receive an updated report with 2022 as base year, 2023 as estimated year and forecast to 2035. This will have market drivers, recovery rate in the market, insights and competitive analysis.



Market Overview:

Translate Report

The digital infrastructure in the country has developed rapidly in the past few years and created a potent technological ecosystem for the digital payments market. The e-payment solutions market witnessed growth during the pandemic because of the increased penetration of the internet in the country. In the past few years, the payment acceptance infrastructure has improved, propelling market expansion. The introduction of digital payment portals by banks such as Axis Bank Ltd., HDFC Bank Ltd., and ICICI Bank Ltd has aided the development of e-payment solutions. Integration of payment services by telecommunication firms such as Airtel, Google, and MobiKwik for online transactions also helped in the process.

Market insights:
In FY 2021, the market witnessed 43.71 billion transactions. It is expected to reach 649.70 billion by FY 2027, expanding at a compound annual growth rate (CAGR) of ~59.57% during the FY 2022 – FY 2027 period. The value of e-payment transactions is expected to expand at a CAGR of ~24.64% during the forecast period. Technological advancements such as internet banking and contactless payments, along with improved internet connectivity, propel e-payment methods. Integration of payment services with popular non-banking mobile applications such as WhatsApp, Apple Pay, Amazon Pay, and Ola Money have made these payment options popular among millennials.
Segment insights:

The market can be segmented on the basis of types of payment methods – Real Time Gross Settlement (RTGS), Retail Electronic Clearing, and Cards. RTGS acquired the highest market share in terms of value throughout FY 2021. In terms of volume, retail electronic clearing held the highest market share, followed by card payments and RTGS. The total volume of retail electronic clearing expanded at a CAGR of ~49.29% during the FY 2019 – FY 2021 period. Retail electronic clearing comprises different modes of transactions such as National Electronic Funds Transfer (NEFT), Immediate Payment Service (IMPS), and National Automated Clearing House (NACH). Cards include payment via debit and credit cards.

COVID-19 impact analysis:
The value of e-payment transactions decreased in 2020 due to reduced business activities and lowered the annual income of people, while the volume increased significantly. In the wake of the pandemic, the National Payments Corporation of India (NPCI) encouraged customers and providers of emergency services to adopt digital payment systems to ensure safety of contactless transactions. It launched e-RUPI, a one-time contactless, cashless voucher-based mode of payment, which helps users redeem a coupon without a card, digital payments app, or access to internet banking. Digital transactions using UPI increased by 1.8 times of what it was before COVID-19 and is exhibiting steady growth even during Q2 FY 2022. However, the market witnessed slow growth in terms of value because several major sectors such as cross-border payments, travel, and hospitality/tourism, which operate through e-payments, were affected.


Geography Analysis:


The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market Size, Y-O-Y Growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC(Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market Size, Y-O-Y Growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market Size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
  • Middle East and Africa  (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market Size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook

.

Please enter your personal details below
*
I want to buy this report
I am willing to know the scope of research
I have customized query over this report

• Axis Bank Limited
• HDFC Bank Limited
• ICICI Bank Limited
• Infibeam Avenues Limited
• State Bank of India
• Airtel Payments Bank Limited
• Mswipe Technologies Private Limited
• One97 Communications Limited
• One MobiKwik Systems Private Limited
• Goggle LLC
• PayPal Payments Private Limited

Please enter your personal details below
*
I want to buy this report
I am willing to know the scope of research
I have customized query over this report

Related Reports

-->