India FinTech
transactions market stood at USD766.90 billion in FY2021 and is forecast to
grow at a CAGR of 49.13% through FY2027 as advancements in financial
technologies, digital enhancements have brought significant changes in the money
regulation industry of the country. This advancement has reduced the cost which
has led new players to enter the market. These services are available at a very
low cost or for free to the customers, which has led to a huge growth in the
market. The advancement of technology has become the key enabler of e-commerce
which is expected to boost the India FinTech transactions market in the
forecast period as online payment modes are mostly used in the digital shopping
platform. Consumers have transferred to net banking and other digital payment
facilities to avail products including essential goods, groceries, electronics,
clothing, medications, education related expenditures, and others. Moreover,
the digital India campaign is increasing the use of digital payments in brick
& mortar stores including roadside vendors and small shops. All these
factors are expected to drive the growth of the India FinTech transaction market.
The COVID-19 pandemic has accelerated the digital transformation, as the
physical interactions are getting replaced through digital connectivity among
the users which has given a boost to provide the financial services digitally
to the end customers. A strong push from the government is anticipated to act
as a key enabler for the growth of the India FinTech transactions market.
India FinTech
transactions market can be segregated into payment modes, services,
applications and regions. Based on payment modes, the market can be divided
into Payment Interfaces, Payment Gateways, PoS Terminals, Prepaid Payment
Instruments, Remittance & Others. Out of these, payment interfaces segment
held the largest market share of 69.99% in FY2021 as these payment models allow
users to use their smartphones as a virtual debit card that has made the
sending and receiving of money instant. Moreover, the concept of QR codes has
removed the use of digital wallets altogether.
In terms of services,
the market can be segmented into Payments, Fund transfer, Personal Finance,
Loans, Insurance & Others. Payment services has dominated the market in
2021 as digital payments are widely accepted among all end users as compared to
other financial services such as personal finance, loans, insurance, etc.
Moreover, the risk and challenges associated with carrying a large amount of
cash are shifting the preference of consumers towards digital payment methods.
Merchants are also adopting online acceptance of payments owing to governmental
steps such as demonetization, GST, etc.
India FinTech
transactions market based on application can be segmented into Banking,
Insurance, Securities & Others. The banking applications had a market share of 75.67% in FY2021 as FinTech
technologies have been supporting banking applications from the very beginning. However, with the adoption of advanced
technologies such as artificial intelligence, distributed ledger technology,
etc. Other financial domains such as insurance and loans are expected to be
digitalized rapidly, indicating a high growth rate in these domains as well.
Major players leading in the India FinTech Transactions
market are PhonePe Private Limited, Google India Digital Services Private
Limited (GooglePay), One97 Communications Limited (Paytm), National Payments
Corporation of India (NPIC)(BHIM App), Amazon Pay (India) Private Limited, ONE
MOBIKWIK SYSTEMS LIMITED, Pine 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), and Dhani Services Limited, etc. The top companies operating in
the market are focusing on higher security data storage, in-house services, and
expansion of sources to increase their shares in the market. These companies are
developing advanced technologies to stay competitive in the market. Other
competitive strategies include mergers and acquisitions and new service
developments.
Years
considered for this report:
Historical
Years: FY2017-FY2021
Base Year: FY2021
Estimated
Year: FY2022
Forecast
Period: FY2023-FY2027
The Objective
of the Study:
- To analyze the historical growth in the market size of India FinTech Transactions Market from FY2017 to FY2021.
- To estimate and forecast the market size of the India FinTech Transactions Market from FY2022 to FY2027 and growth rate until FY2027.
- To classify and forecast India FinTech Transactions Market based on payment mode, services, and application.
- To identify the dominant region or segment in the India FinTech Transactions Market
- To identify drivers and challenges for India FinTech Transactions Market
- To identify and analyze the profile of leading players operating in the India FinTech Transactions Market
- To identify key sustainable strategies adopted by market players in the India FinTech Transactions Market
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TechSci Research performed both primary as well as exhaustive secondary
research for this study. Initially, TechSci Research sourced a list of service
providers across the country. 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 was able to include the service providers which could not be
identified due to the limitations of secondary research. TechSci Research
analyzed the vendors and presence of all major players across the country.
TechSci Research calculated the market size of the India FinTech
Transactions Market using a top-down approach, wherein data for various
end-user segments were recorded and forecast for the future years. TechSci
Research sourced these values from the industry experts and company
representatives and externally validated them through analyzing historical data
of these services and applications 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.
Key Target Audience:
• FinTech service
providers, vendors and other stakeholders
• Organizations, forums
and alliances related to FinTech
• Government bodies such
as regulating authorities and policymakers
• 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 service providers,
end-users, etc., besides allowing them in strategizing investments and
capitalizing on market opportunities.
Report Scope:
In this report, India FinTech Transactions Market has been segmented
into the following categories in addition to the industry trends which have
also been listed below:
·
India FinTech
Transactions Market, By Payment Modes:
o
Payment
Interfaces
o
Payment
Gateways
o
PoS Terminals
o
Prepaid
Payment Instruments
o
Remittance
o
Others
·
India FinTech
Transactions Market, By Services:
o
Payments
o
Fund Transfer
o
Personal
Finance
o
Loans
o
Insurance
o
Others
·
India FinTech
Transactions Market, By Application:
o
Banking
o
Insurance
o
Security
o
Others
·
India FinTech
Transactions Market, By Region:
o
South
o
North
o
West
o
East
·
India FinTech
Transactions Market, By Top 10 States:
o
Maharashtra
o
Tamil Nadu
o
Karnataka
o
Kerala
o
Andhra
Pradesh
o
Delhi
o
Uttar Pradesh
o
Gujarat
o
Telangana
o
West Bengal
o Others
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in
the India FinTech Transactions Market.
Available Customizations:
With the given market data, TechSci Research offers customizations
according to a company’s specific needs. The following customization options
are available for the report:
Company Information
• Detailed analysis and
profiling of additional market players (up to five).