As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the India Payment Gateway industry.
New Industry Report on India Payment Gateway Market Status and Prospects [2023-2032] has been released. The report is 100 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request Free a Sample Copy
The payment gateway market in India was valued at INR 73 Billion in 2021. It is expected to expand at a CAGR of ~20.11% during the 2022-2027 period.
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Payment gateways such as Billdesk, PayTM, CCAvenue, MobiKwik, PayPal, and PayU are the major players in the market
A payment gateway is a medium that connects a merchants mobile application or website with the bank that verifies the details from the bank and transfers the transaction amount from a buyers bank account to the merchants bank account. Growing digital payment and transaction volumes are aiding the expansion and evolution of the payments industry.
Market insights:
Technological advancements such as internet banking and contactless payments, along with improved internet connectivity are aiding the growth of the payment gateway markets. UPI for peer-to-peer and peer-to-merchant transactions, such as, Bharat QR, AEPS, NETC, BBPS, and RuPay cards gained popularity during the COVID-19 pandemic and all these payment modes require the usage of payment gateways.
Market Influencers:
Rapid digitalization, promotion of cashless society by the government and subsequent adoption of cashless transactions in recent times, sustained innovations in digital payments are driving the growth of the market. However, lack of data security and trust, and of consolidation of payments across players are restricting the market growth.
COVID-19 impact analysis:
In the wake of the pandemic, the National Payments Corporation of India (NPCI) encouraged customers and providers of critical services to adopt digital payment systems to ensure security, driving the market. Payment gateways are mostly used in sectors such as e-commerce, insurance, essentials, donation, online education, and media/entertainment during the pandemic. The usage of payment gateways witnessed negative impact in sectors such as travel, tourism, and hospitality. The pandemic also forced people to make online payment as home delivery of products increased and acceptance of cash decreased. Hence, people preferred mobile and UPI transactions that necessitated use of payment gateways.
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Payment Gateway. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Payment Gateway is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Regional Analysis
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the India Payment Gateway Market Report:
- What is the projected size of the India Payment Gateway market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Payment Gateway industry?
- What are the major market trends that are affecting the expansion of the India Payment Gateway market?
- What obstacles must be overcome in order to achieve sustained growth in the India Payment Gateway market?
- What opportunities and threats do vendors in the India Payment Gateway Market face?
- What are the raw materials and manufacturing equipment used in the production of India Payment Gateway, and what is the manufacturing process?
- What are the different types and applications of India Payment Gateway, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the India Payment Gateway market?
- What factors are driving the growth of the India Payment Gateway market in the top regions worldwide?
- Who are the major players in the India Payment Gateway market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Payment Gateway market?
- What are the main findings of a five forces analysis of the India Payment Gateway market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our India Payment Gateway Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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