India Digital Payment Market By Industry Size, Share, Trends, Opportunity and Forecast, 2026 | TechSci Research

According to TechSci Research, India digital payment market is expected to witness double digit CAGR during the forecast period owing to government’s emphasis on promoting digitalization with introduction ‘Digital India’ campaign. The growing trend of cashless payment methods such as mobile wallets, internet banking, mobile banking and PoS are acting as key growth drivers for this market. In addition to this, India’s large population with high smart phone penetration and increasing internet penetration are supporting the growth of India digital payment market. Also, digital payments have made banking services more accessible to a wider population and have diminished the pain points that are involved in traditional services such as NEFT and RTGS. This is further fueling the growth of digital payment market in India.

Furthermore, digital payments are increasingly becoming a way of making transactions in India with presence of over 45 mobile wallet providers and around 50 UPI-based wallet providers in the country. Also, UPI has emerged as a major payment option for Indians. These factors are serving as major growth drivers for India digital payment market.


India digital payment market is segmented based on type, deployment mode, organization size, vertical and region. Based on vertical, the market can be segmented into Banking, Financial Services and Insurance (BFSI), Telecom & Information Technology (IT), retail & e-commerce, healthcare, media & entertainment and others. Among these, the retail and e-commerce segment are expected to dominate the market growth through FY2026. The reasons can be attributed to booming e-commerce sector and surge in prepaid gifting cards in the country.

Major players operating in India digital payment market include PayPal Payments Private Limited, Paytm Payments Bank Limited, Google Pay India, Bharat Interface For Money (BHIM), PayU Payments Private Limited, Amazon Pay, PhonePe, Razorpay Software Pvt Ltd., India Transact Services Ltd., PayKun Payment Solutions Private Limited and PayBingo.in., among others. The market players are undertaking growth strategies such as partnerships and acquisitions and are investing on latest technologies to increase their revenue share in the country.

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Years considered for this report:

Historical Years: FY2016-FY2019

Base Year: FY2020

Estimated Year: FY2021

Forecast Period: FY2022–FY2026

Objective of the Study:

  • To analyze and estimate the market size of India digital payment market from FY2016 to FY2019.
  • To estimate and forecast the market size of India digital payment market from FY2020 to FY2026 and growth rate until FY2026.
  • To classify and forecast India digital payment market based on type, deployment mode, organization size, vertical, company and regional distribution.
  • To identify dominant region or segment in the India digital payment market.
  • To identify drivers and challenges for India digital payment market.
  • To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in India digital payment market.
  • To identify and analyze the profile of leading players operating in India digital payment market.
  • To identify key sustainable strategies adopted by market players in India digital payment market.

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of digital payment providers across India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the service providers who could not be identified due to the limitations of secondary research. TechSci Research analyzed the companies, vendors and presence of all major players across India.

TechSci Research calculated the market size of India digital payment market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these service types and end users for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.

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Key Target Audience:

  • Digital payment service providers, vendors, banks and other stakeholders
  • Government bodies such as regulating authorities and policy makers
  • Organizations, forums and alliances related to digital payment
  • Market research and consulting firms

The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as digital payment service providers, banks, vendors, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.

Report Scope:

In this report, India digital payment market has been segmented into following categories, in addition to the industry trends which have also been detailed below:

  • India Digital Payment Market, By Type:
    • Solutions
      • Payment Processing
      • Payment Gateway
      • Payment Wallet
      • POS Solution
      • Payment Security and Fraud Management
    • Services
      • Professional Services
      • Managed Services
  • India Digital Payment Market, By Deployment Mode:
    • On-Premises
    • Cloud
  • India Digital Payment Market, By Organization Size:
    • SMEs
    • Large Enterprises
  • India Digital Payment Market, By Vertical:
    • Banking, Financial Services and Insurance (BFSI)
    • Telecom & Information Technology (IT)
    • Retail & E-Commerce
    • Healthcare
    • Media & Entertainment
    • Others
  • India Digital Payment Market, By Region:
    • North
    • South
    • East
    • West

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in India digital payment market.

About TechSci Research

TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.

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