Feb 06, 2020 (SUPER MARKET RESEARCH via COMTEX) -- According to a new report by EMR titled, ' India Payment Market Report and Forecast 2020-2025', the India payment market is being driven by the growing global payment market, which attained a value of nearly USD 2.3 trillion in 2019. It is further projected to grow at a CAGR of 11% between 2020 and 2025 to reach USD 4.4 trillion by 2025.
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Competitive Landscape & Supplier Analysis:
1 Market breakup by Integrated/Non-Integrated mPOS Provider (% Share) 1.1. Mswipe
1.2. Pine Labs
1.5. MobiSwipe Technologies Private Limited
1.6. ICICI Merchant Services
1.7. MRL Posnet
2 Market breakup by eWallet service Provider (% Share)
The India payment market is witnessing a healthy growth supported by the rising global payment market and a need to adopt digitalisation at the global level. Though cash remains the leading method of payment at the point of sale, different payment methods have developed with time to increase customer satisfaction by offering the right mix of payment options. The use of cash is on a decline, globally, due to the introduction of new payment options, which are more convenient and hassle-free. India, with one of the largest global youth populations, provides a large consumer base to the payment market, thus, aiding the market further.
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M-commerce adoption is increasing steadily in India with higher smartphone and mobile internet penetration, which is a major driver propelling the market further. PayPal Holdings Inc /zigman2/quotes/208054269/composite PYPL +0.74% , a leading American company operating online payments system, globally, is used by over 250 million customers. In November 2017, PayPal, aiming to enhance its market, launched domestic operations in India under PayPal Payments Private Limited to provide digital payment solutions for merchants and customers in India. Now, over 10.7 million buyers are using PayPal in the Asia Pacific. In 2018, in a bid to penetrate the payments sector in India, leading companies like Alibaba Group Holding Limited /zigman2/quotes/201948298/composite BABA +0.20% and Berkshire Hathaway Inc. /zigman2/quotes/200060694/composite BRK.B +1.48% , invested in Paytm, which operates as India's largest digital wallet company. Moreover, in November 2018, Paytm launched a new feature, providing a platform to the consumers for making online insurance payments as well, partnering with several popular insurers like LIC, ICICI Prudential Life, and others, thus, proving to be extremely convenient for people and expanding its market.
Market Breakup by Method:
By method, the India payment market can be divided into cash, debit card, credit card, e-wallet, and pre-paid card, among others.
Market Breakup by Industry Verticals:
Utilities & Telecommunication
The India payments market finds application in different industry verticals like retail, hospitality, and utilities and telecommunication, among other sectors.