India Mobile Payment Market Overview, Development Factors, Growing Demand and Forecast 2022-2027


According to IMARC Group latest report titled “India Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which comprises insights on India mobile payment industry size. The report also includes competitor and regional analysis, and contemporary advancements in the market. The India mobile payment market size reached US$ 414.0 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 1,632.3 Billion by 2027, exhibiting a growth rate (CAGR) of 26.19% during 2022-2027.

Mobile payment represents automated payment methods that involve the use of mobile applications linked to the financial credentials of the users to authorize, initiate and confirm the transaction of funds in exchange for products or services. In terms of the mode of transaction, they can be categorized into various types, including wireless application protocol (WAP), short message service (SMS), near field communications (NFC), and unstructured supplementary service data (USSD). Mobile payment solutions have minimized the hassle of dealing with conventional payment methods, such as cash and checks. They are easy to use and provide users with improved convenience and enhanced data security. As a result, mobile payment services find extensive applications across numerous sectors in India, including healthcare, transportation, food service, retail, entertainment, etc.

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Market Trends:

The escalating sales of smartphones and the growing penetration of high-speed internet connectivity are among the key factors driving the India mobile payment market. Apart from this, the increasing number of loyalty and incentive programs associated with mobile payment solutions are further stimulating market growth. In addition to this, the elevating collaboration between several companies and financial institutions to develop innovative features, such as Unified Payment Interface (UPI) services, is acting as another significant growth-inducing factor. Moreover, the expanding e-commerce sector and the shifting preferences toward online shopping and payment options are also positively influencing the market across the country. Besides this, the rising integration of these payment applications with passcodes and biometric authentication procedures that secure the payment gateway and personal details in an efficient manner and minimize the chances of security theft or fraud is expected to propel the India mobile payment market in the coming years.

Explore Full Report with Table of Contents:

India Mobile Payment Market Segmentation:

Our report has categorized the market based on region, mode of transaction and application.

Breakup by Mode of Transaction:

  • WAP
  • NFC
  • SMS
  • USSD
  • Others

Breakup by Application:

  • Entertainment
  • Energy and Utilities
  • Healthcare
  • Retail
  • Hospitality and Transportation
  • Others

Breakup by Region:

  • North India
  • West and Central India
  • South India
  • East India

Key highlights of the report:

  • Market Performance (2016-2021)
  • Market Outlook (2022-2027)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape

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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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