According to IMARC Group’s latest report “India Payment Gateways Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the payment gateways market size in India reached US$1,266 million in 2021 Looking ahead, IMARC Group expects the market to reach US$2,680 million by 2027, growing at a growth rate (CAGR) of 12.92% during the period 2022-2027 .

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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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.

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 resulted in a 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.

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 region:

North India
West and Central India
South India
Eastern India
Competitive Landscape:

The competitive landscape of the industry has also been reviewed along with the profiles of key players.

For more information on this report, visit: https://www.imarcgroup.com/india-payment-gateways-market

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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