The India Payments Market size is estimated at USD 357.51 billion in 2024, and is expected to reach USD 814.43 billion by 2029, growing at a CAGR of 17.90% during the forecast period (2024-2029).
The primary factor driving the growth of the market in the region is the rising adoption of digital payments supported by government initiatives and strong growth in E-commerce, among others.
The Indian payments market appears to be moderately consolidated as few of the players currently dominate the payments market. Major players in the Indian payments market are offering well-developed digital payments solutions, adopting strategies like acquisitions and partnerships to expand their reach to more consumers in the region. Some of the major companies in the payments market are Visa Inc., Mastercard Inc., Phonepe Pvt Ltd. (Flipkart Internet Pvt Ltd), Google pay (Google LLC), and Rupay.
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