According to the latest report of the IMARC group titled “India Mobile Payment Market: Industry Trends, Share, Size, Growth, Opportunities and Forecast 2022-2027”, offers a comprehensive analysis of the industry, which includes information on Mobile payment market in India. The report also includes competitor and regional analysis, as well as contemporary market advancements. the The Indian mobile payment market is expected to grow at a CAGR of 26.19% during the period 2022-2027.
Mobile payment, also known as m-payment, involves the use of electronic payment methods that are processed by smart devices to authorize, initiate and confirm the money transaction. It is facilitated by the availability of point-of-sale (POS) terminals and near-field communications and mobile applications that are tied to individuals’ financial credentials. Since POS terminals do not save user data to the merchant’s POS terminal, mobile payments are considered a more secure and reliable option compared to conventional methods. Additionally, mobile payments are convenient and automated to enable hassle-free processing of payment methods, including cash and checks. They are widely used in several industries, including the restaurant, retail, e-commerce, and entertainment sectors.
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Like the novel coronavirus (COVID-19[feminine]) the crisis is taking over the world, we are constantly monitoring the changes in the markets, as well as the purchasing behavior of consumers around the world and our estimates on the latest market trends and forecasts are made after taking into account the impact of this pandemic.
The market in India is mainly driven by the significant growth of the e-commerce sector. Coupled with the widespread adoption of smartphones and continuous improvements in network infrastructure, this has contributed to the growing demand for mobile payments among individuals. Moreover, the growing awareness regarding improving the security of these transactions is also acting as a major growth factor. Mobile payment solutions are also increasingly integrated with multi-factor authentication in an effort to improve the safety and security of the overall transaction process. Additionally, many mobile payment services are also introducing loyalty and incentive programs to provide additional benefits to their consumers, thereby creating a positive outlook for the market. Some of the other factors contributing to the growth of the market include the introduction of smart payment programs in many industries, the widespread preference for contactless payment methods among the masses due to the rapid outbreak of COVID-19, and the many initiatives undertaken by the Indian government. with the aim of promoting digital payments.
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Segmentation of the mobile payment market in India:
Our report has categorized the market based on region, mode of transaction, and application.
Breakdown of the market by mode of transaction:
Market Breakdown by Application:
- Energy and Utilities
- Health care
- Reception and transportation
Market Breakdown by Region:
- North India
- West and Central India
- South India
- Eastern India
Main highlights of the report:
- Market performance
- Market Outlook
- Porter’s Five Forces Analysis
- Market drivers and success factors
- SWOT analysis
- Value chain
- Complete mapping of the competitive landscape
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