According to IMARC Group latest report titled” India Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025”, the market is currently witnessing strong growth. The Mobile Payment Market in India to exhibit moderate growth during the next five years. Mobile payment is a regulated and digital payment method conducted through smart electronic devices, such as smartphones and tablets. Other than these devices, this method enables the consumer to make transactions through payment instruments, like gift cards, mobile wallet, bank account and debit or credit cards. Several financial institutions incorporate mobile payment to offer secure money transfer and convenience to consumers. On account of these features, mobile payments are gaining traction in 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 purchase 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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The India mobile payment market is being primarily driven by the increasing sales of smartphones and countrywide penetration of the internet. Other than this, mobile payment solutions offer a wide range of incentive and loyalty programs, which is driving the growth of the market in India. Moreover, the outbreak of coronavirus disease (COVID-19) has prompted consumers and organizations to switch to cashless payment methods, which is contributing to the market growth. Furthermore, the Government of India has been undertaking initiatives to promote digital payment methods across the country, supporting the market growth further.
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India Mobile Payment Market Segmentation:
Our report has categorized the market based on region, mode of transaction and application.
Market Breakup by Mode of Transaction:
Market Breakup by Application:
- Energy and Utilities
- Hospitality and Transportation
Market Breakup by Region:
- North India
- West and Central India
- South India
- East India
Key highlights of the report:
- Market Performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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