India FinTech Transactions Market Report 2021
DUBLIN, November 15, 2021 / PRNewswire / – The “FinTech transaction market in India, by payment methods (payment interfaces, payment gateways, point-of-sale terminals, prepaid payment instruments, remittances and others), by services, by application, by region, by Top 10 States, Competition Forecast and Opportunity, FY2017-FY2027 “ report was added to ResearchAndMarkets.com offer.
The Indian FinTech transaction market was 766.90 billion USD in FY2021 and is expected to grow at a CAGR of 49.13% through FY2027, as advancements in financial technology, digital enhancements have brought significant changes in the monetary regulation industry of the country.
This advance reduced costs, which led to new players entering the market. These services are available at very low cost or free to customers, which has resulted in huge growth in the market. Advances in technology have become the main catalyst for e-commerce which is expected to boost the Indian FinTech transaction market during the forecast period as online payment methods are mainly used on the shopping platform. digital.
Consumers have switched to online banking and other digital payment methods to benefit from products, including essentials, groceries, electronics, clothing, medicine, and health related expenses. education and others.
In addition, digital India The campaign is increasing the use of digital payments in physical stores, including roadside vendors and small stores. All of these factors are expected to drive the growth of the Indian FinTech transaction market.
The COVID-19 pandemic has accelerated digital transformation as physical interactions are replaced by digital connectivity between users, which has given a boost to the digital delivery of financial services to end customers. A strong push from the government is expected to act as a key catalyst for the growth of the Indian FinTech transaction market.
The Indian FinTech transaction market can be divided into payment methods, services, applications, and regions. On the basis of payment methods, the market can be divided into payment interfaces, payment gateways, point of sale terminals, prepaid payment instruments, discounts and others.
Of these, the payment interfaces segment held the largest market share of 69.99% in fiscal year 2021, as these payment models allow users to use their smartphones as a virtual debit card. which made sending and receiving money instant. In addition, the concept of QR codes has completely eliminated the use of digital wallets.
In terms of services, the market can be segmented into payments, money transfer, personal finance, loans, insurance, and others. Payment services dominated the market in 2021 as digital payments are widely accepted by all end users compared to other financial services such as personal finance, loans, insurance, etc.
Additionally, the risk and challenges associated with carrying large amounts of cash are shifting consumer preference towards digital payment methods. Merchants are also embracing online acceptance of payments due to government measures like demonetization, GST, etc.
The Indian application-based FinTech transaction market can be segmented into banking, insurance, securities and others. Banking apps had a 75.67% market share in FY2021, with FinTech technologies supporting banking apps from the very beginning.
However, with the adoption of advanced technologies such as artificial intelligence, distributed ledger technology, etc. Other financial areas such as insurance and lending are expected to be digitized quickly, indicating a high growth rate in these areas as well.
Leading companies operating in the market are focusing on more secure data storage, internal services and expanding sources to increase their market share. These companies develop advanced technologies to remain competitive in the market. Other competitive strategies include mergers and acquisitions and the development of new services.
The main leading players in the Indian FinTech transaction market are
- PhonePe Private Limited
- Google India Private Digital Services (GooglePay)
- One97 Communications Limited (Paytm)
- National Payments Company India (NPCI) (BHIM Application)
- Amazon Pay (India) Private Limited
- ONE MOBIKWIK SYSTEMS LIMITED
- Pin Labs Pvt. Ltd.
- Mswipe Technologies Private Limited
- Razorpay Software Private Limited
- IndiaIdeas.com Limited (Billdesk)
- Lendingkart Finance Limited
- Policybazaar Insurance Brokers Private Limited
- Zerodha Broking Ltd.
- State Bank of India (YONO)
- Dhani Services Limited
Scope of the report:
Years considered for this report:
- Historical years: FY2017-FY2021
- Reference year: fiscal year 2021
- Estimated year: FY2022
- Forecast period: FY2023-FY2027
Indian FinTech transaction market, by payment method:
- Payment interfaces
- Payment gateways
- Point of sale terminals
- Prepaid payment instruments
Indian FinTech transaction market, by service:
- Funds transfer
- Personal finance
Indian FinTech Transactions Market, By Application:
Indian FinTech Transaction Market, By Region:
Indian FinTech Transaction Market, by Top 10 States:
- Tamil Nadu
- Andhra Pradesh
- Uttar pradesh
- West Bengal
For more information on this report, visit https://www.researchandmarkets.com/r/8jre4y
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SOURCE Research and Markets