India FinTech Transaction Markets (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittances), Forecast and Competitive Opportunities, FY2027

DUBLIN, November 12, 2021–(BUSINESS WIRE)–The “India FinTech Transactions Market, By Payment Methods (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittances & Others), By Services, By Application, By Region, By Top 10 States, Competition Forecast and Opportunities, FY2017-FY2027” report has been added to from ResearchAndMarkets.com offer.

India’s FinTech deal market stood at USD 766.90 billion in FY2021 and is expected to grow at a CAGR of 49.13% through FY2027 as advancements in fintech and improvements digital technologies have brought significant changes to the country’s monetary regulation industry.

This breakthrough has reduced the cost, which has led to new players entering the market. These services are available at a very low cost or free of cost to the customers which has resulted in huge market growth. Advancement in technology has become the major catalyst for e-commerce which is expected to drive the Indian FinTech transaction market over the forecast period as online payment methods are predominantly used in the shopping platform digital.

Consumers have shifted to online banking and other digital payment methods to take advantage of products such as essentials, groceries, electronics, clothing, medicine, education expenses, etc

Additionally, the Digital India campaign is increasing the use of digital payments in physical stores, including roadside vendors and small shops. All these factors are expected to drive the growth of the Indian FinTech deal market.

The COVID-19 pandemic has accelerated digital transformation as physical interactions are replaced by digital connectivity between users, which has boosted the digital delivery of financial services to end customers. A strong push from the government is expected to act as a key catalyst for the growth of the Indian FinTech deal market.

The Indian FinTech transaction market can be divided into payment methods, services, applications and regions. Based on payment methods, the market can be divided into payment interfaces, payment gateways, PoS terminals, prepaid payment instruments, remittances and others.

Among these, the payment interface segment held the largest market share of 69.99% in fiscal year 2021, as these payment models allow users to use their smartphone as a virtual debit card. which made sending and receiving money instantaneous. Moreover, the concept of QR codes has completely eliminated the use of digital wallets.

In terms of services, the market can be segmented into payments, remittances, personal finance, loans, insurance, and others. Payment services dominated the market in 2021 as digital payments are widely accepted by all end users over other financial services such as personal finance, loans, insurance, etc.

Additionally, the risks and challenges associated with carrying large amounts of cash are shifting consumer preference towards digital payment methods. Merchants are also embracing online payment acceptance due to government measures such as demonetization, GST, etc.

India’s app-based FinTech transaction market can be segmented into banking, insurance, securities and others. Banking apps held a market share of 75.67% in fiscal year 2021 as FinTech technologies have been supporting banking apps since the very beginning.

However, with the adoption of advanced technologies such as artificial intelligence, distributed ledger technology, etc., other financial areas such as insurance and lending are expected to be digitized rapidly, which also indicates a rate of high growth in these areas.

The major companies operating in the market are focusing on more secure data storage, in-house services and source expansion to increase their market shares. These companies develop advanced technologies to remain competitive in the market. Other competitive strategies include mergers and acquisitions and the development of new services.

The major leading players in the Indian FinTech deal market are

  • PhonePe Private Limited

  • Google India Digital Services Private Limited (GooglePay)

  • One97 Communications Limited (PayTM)

  • National Payments Corporation of India (NPCI) (BHIM App)

  • Amazon Pay (India) Private Limited

  • ONE MOBIKWIK SYSTEMS LIMITED

  • Pine Labs Pvt. ltd.

  • Mswipe Technologies Private Limited

  • Razorpay Software Private Limited

  • IndiaIdeas.com Limited (Billdesk)

  • Lendingkart Finance Limited

  • Insurance Brokers Policybazaar Private Limited

  • Zerodha Broking Ltd.

  • State Bank of India (YONO)

  • Dhani Services Limited

Report Scope:

Years considered for this report:

Indian FinTech transaction market, by payment methods:

Indian FinTech deal market, by services:

  • Payments

  • Funds transfer

  • Personal finance

  • Loans

  • Assurance

  • Others

Indian FinTech Deal Market, By Application:

  • Banking

  • Assurance

  • Security

  • Others

Indian FinTech Deal Market, By Region:

Indian FinTech Deal Market, By Top 10 States:

  • Maharashtra

  • Tamil Nadu

  • Karnataka

  • Kerala

  • Andhra Pradesh

  • delhi

  • Uttar Pradesh

  • Gujarat

  • Telangana

  • West Bengal

  • Others

For more information on this report, visit https://www.researchandmarkets.com/r/6yf08r

See the source version on businesswire.com: https://www.businesswire.com/news/home/20211112005737/en/

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