India Payment Market, Size, Share, Growth, Key Players | (Forecast 2023 – 2028) | Renub Research

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India Payment Market size is envisioned to attain US$ 8,137.3 Billion by 2028. The virtual fee panorama in India has passed through an enormous transformation, indicating the profound effect it will have on the populace. This shift signifies that a majority of Indians in 2022 belong to a technology that is tremendously talented or exposed to era. Tech-savvy generation has a greater reliance on superior, automated, quicker, and extra efficient technology and offerings. Consequently, there may be a rapid growth inside the demand for India payment marketplace within the coming years. India, as the arena’s biggest digitally linked democracy, proudly showcases a superb parent of 692 million Indians who have get admission to the internet. One can have a look at the results of digitalization by means of noting the coexistence of traditional digital bills alongside coins payments in a balanced way. During the Digital Payments Awareness Week 2023 (DPAW), the Governor of the Reserve Bank of India (RBI) in March 2023 delivered the “Har Payment Digital” initiative with the slogan “Digital Payment Apnao; Auron ko Bhi Sikhao”.

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As digital technologies keep strengthening, together with Artificial Intelligence (AI), Machine Learning (ML), Data Sciences, and blockchain, India fee industry is experiencing a transformative period characterized by using diversification, enhancement, and unprecedented increase. PayTech startups are playing a pivotal role in driving the transformation of the Indian charge panorama, leveraging the countryrole as one of the world’s largest startup ecosystems. Keeping track of winning tendencies inside the India charge industry is crucial to knowledge the trajectory of fee systems in 2023. The great increase in the adoption of virtual payments in India may be attributed to the success implementation of a sturdy payments infrastructure within the country.  India Payment Market is projected to develop at a CAGR of 21.4% from 2022 to 2028, propelled by way of the government’s digitalization efforts, multiplied net and cellphone penetration, and the booming e-trade sector.

Digital transactions are revolutionizing India’s economic system, bringing approximately transformative adjustments in various sectors.

India digital panorama has passed through giant growth, propelled via a confluence of things which include government tasks, expanding internet and smartphone usage, and the surge in e-trade. The Indian government has actively championed digital technologies thru flagship applications consisting of Digital India, Make in India, and Startup India, geared toward bolstering digitalization across sectors like healthcare, schooling, and agriculture, while fostering a surroundings conducive to the success of startups.


India has witnessed an extremely good surge within the adoption of fee methods. This surge may be attributed to the growing penetration of smartphones, sizeable internet connectivity, and government initiatives promoting a cashless economic system.

Over the route of the beyond 9 years, the quantity of virtual transactions in India has witnessed an amazing surge, rising from 127 Crore in 2013-14 to an amazing 12,735 Crore transactions in 2022-23 (as of March 23, 2022). This exponential increase represents a growth of over one hundred instances. Notably, the Unified Payments Interface (UPI) has emerged as the favoured fee method among residents, with an excellent 886.Three Crore virtual fee transactions recorded in April 2023. The overall fee of those transactions amounted to Rs. 14.15 lakh Crore, as pronounced through the Press Information Bureau (PIB) of India.

Looking in advance, there are several traits with a view to shape the destiny growth of India mobile payment market. For instance, the inclusion of credit score playing cards at the UPI platform has the ability to seriously growth transaction sizes for P2M (Person to Merchant) transactions, building on the exponential increase located in the course of the submit-pandemic duration.

India stands at the brink of a virtual revolution, offering first rate possibilities to form its digital price future.

An important milestone in India’s adventure towards a digital financial system is the government’s dedication to selling digital transactions through diverse channels like UPI, USSD, Aadhar Pay, IMPS, and debit playing cards. This strategic push indicates a essential jump toward decreasing dependence on coins transactions and fostering the giant adoption of digital charge methods. With the speedy proliferation of smartphones and progressed net connectivity, mobile wallets, UPI, and card bills have received prominence as the move-to alternatives for virtual transactions in India digital payment market share.

Despite the development made, a tremendous portion of the populace nevertheless is based on cash-primarily based transactions. To deal with this, the authority’s ambitions to incentivize merchants to include virtual price answers. Measures together with subsidies for point-of-sale terminals and tax incentives for companies embracing virtual transactions will fuel the kingdom’s transition toward a cashless society, augmenting economic inclusion efforts.

The developing adoption of smartphones and net get admission to has paved the way for extra accessibility to digital payment services amongst a broader populace. The government, in collaboration with initiatives like the Unified Payments Interface (UPI) and the Bharat Interface for Money (BHIM) app, objectives to simplify and sell digital transactions, leading to a “Faceless, Paperless, Cashless” society. This complete imaginative and prescient seeks to encourage digital payments across all segments of society.

India’s price panorama holds wonderful promise, pushed via the transformative strength of virtual price technology. Financial inclusion, consumer enjoys, and innovation is the important thing propellers shaping the future of payment market within the India. Leveraging generation, the government and monetary establishments are providing less expensive and consumer-pleasant economic services, with a special cognizance on accomplishing the unbanked population in rural areas. Notable tasks like Jan Dhan Yojana, Aadhaar, and cellular payments have made superb strides in integrating greater people into the formal financial gadget.


While UPI presently dominates the India fee space, the Renub Research file recognizes the continued importance of credit score cards, which might be experiencing robust increase. Both debit and credit playing cards remain popular alternatives for retail digital bills along UPI. However, a shift in dominance is anticipated in the destiny, with credit score card transactions anticipated to surpass debit card transactions, reflecting evolving patron alternatives and behaviours.

Digital Payment Modes – India Payment Market, Volume & Revenues breakup from 7 viewpoints

  1. UPI
  2. a) Transaction Value
  3. b) Transaction Volume
  4. c) Revenue


  1. NETC
  2. a) Transaction Value
  3. b) Transaction Volume
  4. c) Revenue



  1. Bharat Bill Pay System (BBPS)

3.1    Transaction Value

3.2    Transaction Volume

3.3    Revenue

3.4    Existing Business Categories

3.5    New Business Categories

3.6    Categories Share in Transaction Volume

3.7    Channel Wise Split (Transaction Value)


  1. Cross-Border Remittances
  2. a) Inflow
  3. b) Outflow
  4. c) Revenue


  1. Cards

5.1    Credit Card Transactions

5.1.1    Transaction Value

5.1.2    Transaction Volume


5.2    Debit Card Transactions

5.2.1    Transaction Value

5.2.2    Transaction Volume


5.3  Revenue (Credit Card and Debit Card)

5.4   ATM Transactions

5.4.1    Transaction Value

5.4.2    Transaction Volume

5.4.3    Revenue


5.5    Merchant Acquiring Revenue

5.6    VAS Revenue

  1. AePs
  2. a) Transaction Value
  3. b) Transaction Volume
  4. c) Revenue
  5. Prepaid Payment Instruments
  6. a) Transaction Value
  7. b) Transaction Volume
  8. c) Revenue


Key gamers

Prominent gamers in India’s payments marketplace encompass PayTm, Mobikwik, Phonepe Pvt Ltd, Amazon Pay, and Google Pay. These businesses have installed themselves as key gamers in the Indian digital charge panorama, imparting a range of offerings and solutions to cater to the diverse wishes of customers and agencies.

All businesses were protected from 3 viewpoints

  • Overviews
  • Recent developments
  • Revenues


Company Insights

  1. PayTM
  2. Mobikwik
  3. Google Pay
  4. Amazon Pay
  5. PhonePe

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