India FinTech Transactions Markets, 2017-2020 & 2021-2026

On Nov 15, 2021

Dublin, Nov. 15, 2021 (GLOBE NEWSWIRE) — The “India FinTech Transactions Market, By Payment Modes (Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others), By Services, By Application, By Region, By Top 10 States, Competition Forecast & Opportunities, FY2017-FY2027” report has been added to ResearchAndMarkets.com’s offering.

India FinTech transactions market stood at USD766.90 billion in FY2021 and is forecast to grow at a CAGR of 49.13% through FY2027 as advancements in financial technologies, digital enhancements have brought significant changes in the money regulation industry of the country.

This advancement has reduced the cost which has led new players to enter the market. These services are available at a very low cost or for free to the customers, which has led to a huge growth in the market. The advancement of technology has become the key enabler of e-commerce which is expected to boost the India FinTech transactions market in the forecast period as online payment modes are mostly used in the digital shopping platform.

Consumers have transferred to net banking and other digital payment facilities to avail products including essential goods, groceries, electronics, clothing, medications, education related expenditures, and others.

Moreover, the digital India campaign is increasing the use of digital payments in brick & mortar stores including roadside vendors and small shops. All these factors are expected to drive the growth of the India FinTech transaction market.

The COVID-19 pandemic has accelerated the digital transformation, as the physical interactions are getting replaced through digital connectivity among the users which has given a boost to provide the financial services digitally to the end customers. A strong push from the government is anticipated to act as a key enabler for the growth of the India FinTech transactions market.

India FinTech transactions market can be segregated into payment modes, services, applications and regions. Based on payment modes, the market can be divided into Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment Instruments, Remittance & Others.

Out of these, payment interfaces segment held the largest market share of 69.99% in FY2021 as these payment models allow users to use their smartphones as a virtual debit card that has made the sending and receiving of money instant. Moreover, the concept of QR codes has removed the use of digital wallets altogether.

In terms of services, the market can be segmented into Payments, Fund transfer, Personal Finance, Loans, Insurance & Others. Payment services has dominated the market in 2021 as digital payments are widely accepted among all end users as compared to other financial services such as personal finance, loans, insurance, etc.

Moreover, the risk and challenges associated with carrying a large amount of cash are shifting the preference of consumers towards digital payment…