According to the latest report by IMARC Group “India Payment Gateways Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026“, The India payment gateways market size reached US$ 780 Million in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of around 19% during 2021-2026.
A payment gateway stands for a service provider that acts as an interface between payment portals like e-commerce websites and banks by facilitating transactions of payments. This portal protects sensitive data, including Card Certification Value (CVV) and credit card or bank account details, from fraudulent entities while completing the order submission with HTTPS protocol that secures personal information. Payment gateways offer several benefits, such as a user-friendly interface, time efficiency and expense and loss management.
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The India payment gateways market is primarily propelled by the thriving e-commerce sector and the constant evolution of payment methods, like cash pooling, token systems and various cashless transactions. Moreover, the rising adoption of smartphones and tablets has resulted in the shift from brick-and-mortar distribution channels towards online shopping. Additionally, the high internet connectivity and the growing use of mobile wallets supported by numerous advancements in mobile payment technologies are also augmenting the market growth in the country. Furthermore, various banks are collaborating with retail vendors to provide cashback schemes or discounts to expand their customer base. In the coming years, the elevating levels of urbanization along with the rising integration of numerous advanced technologies, such as AI, IoT, cloud computing, etc., are further expected to drive the India market for payment gateways in the coming years.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Some of the major players operating in the global payment gateway industry include Worldpay Group, WIRECARD AG (WCAGY), Adyen, Allied Wallet, PayPal Holdings, Inc. (PYPL)
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The report has segmented the market on the basis of Mode of Interaction, Application and Region.
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 Country:
- North India
- West and Central India
- South India
- East India
As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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