According to the latest report from the IMARC group “India Payment Gateways Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2021-2026“, The payment gateway market size in India reached US$780 million in 2020. Looking ahead, IMARC Group expects the market to grow at a CAGR of around 19% during the period 2021-2026.

A payment gateway is a service provider that acts as an interface between payment portals such as e-commerce sites and banks by facilitating payment transactions. This portal protects sensitive data including Card Certification Value (CVV) and credit card or bank account details from fraudulent entities during order submission with HTTPS protocol which secures personal informations. Payment gateways offer several benefits, such as user-friendly interface, time saving, and expense and loss management.

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India’s payment gateway market is primarily driven by the booming e-commerce industry and the ever-evolving payment methods like cash pooling, token systems, and various cashless transactions. Additionally, the growing adoption of smartphones and tablets has driven the shift from traditional distribution channels to online shopping. Additionally, high internet connectivity and increasing usage of mobile wallets supported by numerous advancements in mobile payment technologies are also augmenting the market growth in the country. In addition, various banks work with retailers to offer cash back programs or rebates to expand their customer base. In the coming years, increasing levels of urbanization along with growing integration of numerous advanced technologies, such as AI, IoT, cloud computing, etc., are further expected to boost the Indian gateway market payment in the years to come.

Note: We regularly track the direct effect of COVID-19 on the market, as well as the indirect influence of associated industries. These observations will be incorporated into the report.

Some of the major players operating in the global payment gateway industry include Worldpay Group, WIRED CARD AG (WCAGY), Adyen, Allied Wallet, PayPal Holdings, Inc. (PYPL)

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The report has segmented the market based on mode of interaction, application, and region.

Breakdown by application:

• Large companies
• Micro and small enterprises
• Medium-sized companies

Breakdown by mode of interaction:

• Hosted payment gateways
• Pro/self-hosted payment gateways
• APIs/non-hosted payment gateways
• Integrate local bank
• Direct payment gateways
• Platform based payment gateways

Breakdown by country:

• North India
• West and Central India
• South India
• Eastern India

As the novel coronavirus (COVID-19) crisis engulfs the world, we continuously monitor changes in markets, as well as consumer behaviors in the industry around the world and our estimates on the latest market trends and forecasts are made. after considering the impact of this pandemic.

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