India Payment Gateways Market Size to Reach US$ 2,897.6 Million by 2028 | Industry CAGR of 11.6%

IMARC Group's report titled "India Payment Gateways Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028", The India payment gateways market size reached US$ 1,459.7 Million in 2022. Looking forward, IMARC Group expects the market to reach US$ 2,897.6 Million by 2028, exhibiting a growth rate (CAGR) of 11.6% during 2023-2028.

Payment gateways are essential financial services that facilitate the transfer of payments between a buyer's bank and a seller's bank during online transactions. They play a critical role in the e-commerce ecosystem, ensuring secure and efficient online payment processing. These gateways encrypt sensitive information, such as credit card numbers, to ensure that information is passed securely between the customer and the merchant, as well as between the merchant and the payment processor. As online commerce continues to expand, payment gateways are increasingly becoming vital for businesses, allowing them to accept a wide range of payment methods, including credit cards, debit cards, and digital wallets. Their integration with e-commerce platforms simplifies the transaction process and enhances customer trust and satisfaction by offering secure and versatile payment options. In recent years, payment gateways have gained immense traction in the expanding digital economy, supporting the seamless flow of transactions in the online marketplace across India.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/india-payment-gateways-market/requestsample

India Payment Gateways Market Trends and Drivers:

The India payment gateways market is primarily driven by a rise in digital transactions and the rapid expansion of the e-commerce sector. Moreover, the increasing internet penetration and the widespread adoption of smartphones, which have made online shopping more accessible across the country, are contributing to the market growth. Additionally, several favorable initiatives by the Government of India to promote digital payments, such as the Digital India campaign, are providing a positive thrust to the market growth. Besides this, there is a growing preference for cashless transactions among Indian consumers, further fueling the demand for efficient and secure payment gateways. Furthermore, the emergence of advanced technologies like blockchain and artificial intelligence (AI), which are enhancing the security and efficiency of payment gateways, represents another major growth-inducing factor. Along with this, the recent outbreak of the coronavirus (COVID-19) pandemic has accelerated the shift toward online transactions, as consumers and businesses alike seek contactless and safe payment methods, thus supporting market growth.

Report Segmentation:

The report has segmented the market into the following categories:

Breakup by Application:

Large Enterprises
Micro and Small Enterprises
Mid-Size Enterprises

Breakup by Mode of Interaction:

Hosted Payment Gateways
Pro/Self-Hosted Payment Gateways
API/Non-Hosted Payment Gateways
Local Bank Integrates
Direct Payment Gateways
Platform-Based Payment Gateways

Breakup by Region:

North India
West and Central India
South India
East India

Competitive Landscape:

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

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

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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This release was published on openPR.