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    India Payment Service Market

    ID: MRFR/BFSI/59786-HCR
    200 Pages
    Aarti Dhapte
    September 2025

    India Payment Service Market Research Report By Service (Professional, Managed, Platform) and By Vertical (BFSI, Retail, Healthcare, Media & Entertainment, Hospitality)- Forecast to 2035

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    India Payment Service Market Research Report- Forecast till 2035 Infographic
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    Table of Contents

    India Payment Service Market Summary

    The India Payment Service market is projected to grow significantly from 235.94 USD Billion in 2024 to 541.32 USD Billion by 2035.

    Key Market Trends & Highlights

    India Payment Service Key Trends and Highlights

    • The market is expected to achieve a compound annual growth rate of 7.84 percent from 2025 to 2035.
    • By 2035, the market valuation is anticipated to reach 541.32 USD Billion, indicating robust growth potential.
    • In 2024, the market is valued at 235.94 USD Billion, reflecting a strong foundation for future expansion.
    • Growing adoption of digital payment solutions due to increasing smartphone penetration is a major market driver.

    Market Size & Forecast

    2024 Market Size 235.94 (USD Billion)
    2035 Market Size 541.32 (USD Billion)
    CAGR (2025 - 2035) 7.84%
    Largest Regional Market Share in 2024 India)

    Major Players

    Reliance Industries Limited (IN), Tata Consultancy Services (IN), HDFC Bank Limited (IN), Infosys Limited (IN), ICICI Bank Limited (IN), Hindustan Unilever Limited (IN), State Bank of India (IN), Bharti Airtel Limited (IN), Wipro Limited (IN)

    India Payment Service Market Trends

    India Payment Service Market Drivers

    Market Segment Insights

    Payment Service Market Service Insights

    The Service segment of the India Payment Service Market is undergoing significant growth, reflecting the changing landscape of the payments ecosystem in the country. With the increasing adoption of digital payments across various sectors, the demand for efficient and effective service solutions has become paramount. Professional services are particularly important as they provide expertise in payment processing, compliance, and security areas that are critical for businesses looking to enhance their payment systems. 

    Managed services offer operational efficiency by allowing companies to outsource their payment processing, thereby focusing on core business activities while ensuring reliable transaction processing.Meanwhile, platform services are becoming a dominant force; as they unify multiple payment channels and provide seamless integration with e-commerce platforms, they cater to businesses of all sizes looking to enhance customer experience. The rise of mobile payment solutions and the push for cashless transactions have further fueled the significance of these services in the Indian market. 

    Regulatory support from the government, including initiatives to promote the digital economy, has also played a crucial role in driving the growth of the Service segment in the India Payment Service Market.As businesses increasingly recognize the value of adopting advanced payment solutions, this segment stands to become integral to delivering enhanced financial outcomes, fostering innovation, and shaping the future of payments in the Indian context. 

    Insights into the performance and dynamics of this segment reveal its pivotal role in addressing challenges such as transaction security, fraud prevention, and user experience, critical factors for businesses operating in an increasingly competitive marketplace. By leveraging advancements in technology and responding to consumer trends, the Service segment is positioned to capture a larger share of the India Payment Service Market and drive sustainable growth in the years to come.

    Source: Primary Research, Secondary Research, MRFR Database, and Analyst Review

    Payment Service Market Vertical Insights

    The India Payment Service Market has shown consistent growth, with the Vertical segment playing a critical role in shaping the market landscape. Within this segment, the Banking, Financial Services, and Insurance (BFSI) sector stands out as a dominant force, driving innovations in digital transactions, online banking, and consumer convenience. Retail also shows significant growth, bolstered by the rapid rise of e-commerce platforms and the increasing adoption of digital wallets among consumers. 

    The Healthcare sector is witnessing a surge in online payment solutions, improving efficiency and patient experience, while the Media and Entertainment industry thrives through subscription-based payment models and in-app purchases, reflecting changing consumer behavior.Additionally, the Hospitality sector capitalizes on seamless payment solutions, enhancing customer satisfaction in an increasingly competitive environment. Overall, these sectors contribute to the diverse landscape of the India Payment Service Market, each driving unique trends and opportunities while adapting to evolving consumer needs and technological advancements.

    The market is characterized by a strong reliance on secure and innovative payment solutions, reflecting the growing demand for convenience and efficiency in everyday transactions.

    Get more detailed insights about India Payment Service Market Research Report- Forecast till 2035

    Regional Insights

    Key Players and Competitive Insights

    The India Payment Service Market is characterized by a dynamic landscape where numerous players compete to offer various digital payment solutions. The market has seen rapid growth driven by increased internet penetration, smartphone adoption, and a shift towards cashless transactions. As a result, companies within this sector continuously innovate to offer enhanced user experiences and expand their service offerings. Competitive insights reveal that players are leveraging technology and partnerships to build robust ecosystems that cater to their diverse consumer base. 

    Additionally, regulatory frameworks and the growing focus on security have also influenced market dynamics, compelling companies to enhance their compliance measures and technological capabilities to capture a larger share.MobiKwik has established itself as a prominent player in the India Payment Service Market, focusing on providing a comprehensive digital wallet and payment solutions platform. The company offers services such as mobile recharges, bill payments, and merchant transactions, catering to a wide range of customer needs. Its strengths lie in its user-friendly application, extensive merchant partnerships, and strong brand recognition in the Indian market.

    MobiKwik has consistently innovated its offerings, integrating features like the credit line facility to attract more users while enhancing the payment experience. 

    The company’s strong presence in tier 2 and tier 3 cities highlights its strategy to tap into underserved demographics, thereby strengthening its market position.Razorpay operates as a comprehensive payment solution provider in the India Payment Service Market, primarily focusing on offering a range of financial products that cater to both businesses and consumers. The company provides solutions such as payment gateways, subscription billing, and automated reconciliation tools, positioning itself as a one-stop shop for digital payment needs. 

    Razorpay has cultivated a strong market presence through strategic partnerships and acquisitions, allowing it to enhance its offerings and penetrate various sectors more effectively. Its strengths include a robust technology platform, exceptional customer support, and an innovative product lineup that addresses the needs of modern businesses. Razorpay's emphasis on merchant empowerment and its efforts to facilitate digital transformation for small and medium enterprises further solidify its competitive edge in the Indian market.

    Key Companies in the India Payment Service Market market include

    Industry Developments

    Market Segmentation

    Payment Service Market Service Outlook

    • Professional
    • Managed
    • Platform

    Payment Service Market Vertical Outlook

    • BFSI
    • Retail
    • Healthcare
    • Media & Entertainment
    • Hospitality

    Report Scope

     

    Report Attribute/Metric Source: Details
    MARKET SIZE 2023 0.65(USD Billion)
    MARKET SIZE 2024 1.2(USD Billion)
    MARKET SIZE 2035 7.5(USD Billion)
    COMPOUND ANNUAL GROWTH RATE (CAGR) 18.128% (2025 - 2035)
    REPORT COVERAGE Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
    BASE YEAR 2024
    MARKET FORECAST PERIOD 2025 - 2035
    HISTORICAL DATA 2019 - 2024
    MARKET FORECAST UNITS USD Billion
    KEY COMPANIES PROFILED MobiKwik, Razorpay, CRED, Google Pay, BankBazaar, Paytm, Pine Labs, PayPal, Zeta, Bharat Pay, PhonePe, Easebuzz, Amazon Pay, Cashfree
    SEGMENTS COVERED Service, Vertical
    KEY MARKET OPPORTUNITIES Digital wallet adoption surge, Growth in e-commerce transactions, Increased mobile payment usage, Government push for cashless economy, Expansion of fintech startups
    KEY MARKET DYNAMICS Digital payment adoption, Regulatory framework changes, Mobile wallet growth, Cybersecurity challenges, Increasing competition among providers
    COUNTRIES COVERED India

    Market Highlights

    Author

    Aarti Dhapte
    Team Lead - Research

    She holds an experience of about 6+ years in Market Research and Business Consulting, working under the spectrum of Information Communication Technology, Telecommunications and Semiconductor domains. Aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. Her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.

    Leave a Comment

    Latest Comments

    John Doe

    This is a great article! Really helped me understand the topic better.

    Posted on July 23, 2025, 10:15 AM
    Jane Smith

    Thanks for sharing this. I’ve bookmarked it for later reference.

    Posted on July 22, 2025, 7:45 PM

    FAQs

    What is the expected market size of the India Payment Service Market by 2024?

    <p>The India Payment Service Market is expected to be valued at 1.2 USD Billion by the year 2024.</p>

    What will be the market value of the India Payment Service Market by 2035?

    <p>By 2035, the India Payment Service Market is anticipated to reach a valuation of 7.5 USD Billion.</p>

    What is the CAGR for the India Payment Service Market from 2025 to 2035?

    <p>The projected CAGR for the India Payment Service Market from 2025 to 2035 is 18.128 percent.</p>

    Which segment of the India Payment Service Market is expected to witness the highest growth?

    <p>The Professional service segment is forecasted to grow from 0.4 USD Billion in 2024 to 2.5 USD Billion by 2035.</p>

    What is the estimated market size for the Managed service segment by 2035?

    <p>The Managed service segment is expected to be valued at 1.8 USD Billion by 2035.</p>

    What market share is expected for the Platform service segment by 2035?

    <p>The Platform service segment is projected to grow to 3.2 USD Billion by 2035.</p>

    Who are the key players in the India Payment Service Market?

    <p>Major players in the India Payment Service Market include MobiKwik, Razorpay, CRED, Google Pay, Paytm, and PhonePe.</p>

    What are some emerging trends in the India Payment Service Market?

    <p>Emerging trends include increased digitalization, mobile payment growth, and a shift towards contactless payments.</p>

    What are the challenges faced by the India Payment Service Market?

    <p>Challenges include regulatory issues, cybersecurity threats, and the need for technological advancements.</p>

    How is the current economic climate impacting the India Payment Service Market?

    <p>The current economic climate is fostering digital payment adoption, driving market growth despite challenges.</p>

    1. "Table of Contents\r\n \r\n \r\n \r\n\r\n\r\nEXECUTIVE
    2. SUMMARY \r\n\r\n\r\nMarket Overview\r\n\r\n\r\nKey
    3. Findings\r\n\r\n\r\nMarket Segmentation\r\n\r\n\r\nCompetitive
    4. Landscape\r\n\r\n\r\nChallenges and Opportunities\r\n\r\n\r\nFuture
    5. Outlook\r\n\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\nMARKET
    6. INTRODUCTION \r\n\r\n\r\nDefinition\r\n\r\n\r\nScope
    7. of the study\r\n\r\n\r\nResearch Objective\r\n\r\n\r\nAssumption\r\n\r\n\r\nLimitations\r\n\r\n\r\n\r\n\r\n\r\n\r\nRESEARCH
    8. METHODOLOGY \r\n\r\n\r\nOverview\r\n\r\n\r\nData
    9. Mining\r\n\r\n\r\nSecondary Research\r\n\r\n\r\nPrimary
    10. Research\r\n\r\n\r\nPrimary Interviews and Information Gathering
    11. Process\r\n\r\n\r\nBreakdown of Primary Respondents\r\n\r\n\r\n\r\n\r\nForecasting
    12. Model\r\n\r\n\r\nMarket Size Estimation\r\n\r\n\r\nBottom-Up
    13. Approach\r\n\r\n\r\nTop-Down Approach\r\n\r\n\r\n\r\n\r\nData
    14. Triangulation\r\n\r\n\r\nValidation\r\n\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\nMARKET
    15. DYNAMICS \r\n\r\n\r\nOverview\r\n\r\n\r\nDrivers\r\n\r\n\r\nRestraints\r\n\r\n\r\nOpportunities\r\n\r\n\r\n\r\n\r\nMARKET
    16. FACTOR ANALYSIS \r\n\r\n\r\nValue chain Analysis\r\n\r\n\r\nPorter's
    17. Five Forces Analysis\r\n\r\n\r\nBargaining Power of Suppliers\r\n\r\n\r\nBargaining
    18. Power of Buyers\r\n\r\n\r\nThreat of New Entrants\r\n\r\n\r\nThreat
    19. of Substitutes\r\n\r\n\r\nIntensity of Rivalry\r\n\r\n\r\n\r\n\r\nCOVID-19
    20. Impact Analysis\r\n\r\n\r\nMarket Impact Analysis\r\n\r\n\r\nRegional
    21. Impact\r\n\r\n\r\nOpportunity and Threat Analysis\r\n\r\n\r\n\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\nIndia
    22. Payment Service Market, BY Service (USD Billion) \r\n\r\n\r\nProfessional\r\n\r\n\r\nManaged\r\n\r\n\r\nPlatform\r\n\r\n\r\n\r\n\r\nIndia
    23. Payment Service Market, BY Vertical (USD Billion) \r\n\r\n\r\nBFSI\r\n\r\n\r\nRetail\r\n\r\n\r\nHealthcare\r\n\r\n\r\nMedia
    24. & Entertainment\r\n\r\n\r\nHospitality\r\n\r\n\r\n\r\n\r\n \r\n \r\n\r\n\r\nCompetitive
    25. Landscape \r\n\r\n\r\nOverview\r\n\r\n\r\nCompetitive
    26. Analysis\r\n\r\n\r\nMarket share Analysis\r\n\r\n\r\nMajor
    27. Growth Strategy in the Payment Service Market\r\n\r\n\r\nCompetitive
    28. Benchmarking\r\n\r\n\r\nLeading Players in Terms of Number of Developments
    29. in the Payment Service Market\r\n\r\n\r\nKey developments and growth
    30. strategies\r\n\r\n\r\nNew Product Launch/Service Deployment\r\n\r\n\r\nMerger
    31. & Acquisitions\r\n\r\n\r\nJoint Ventures\r\n\r\n\r\n\r\n\r\nMajor
    32. Players Financial Matrix\r\n\r\n\r\nSales and Operating Income\r\n\r\n\r\nMajor
    33. Players R&D Expenditure. 2023\r\n\r\n\r\n\r\n\r\n\r\n\r\nCompany
    34. Profiles \r\n\r\n\r\nMobiKwik\r\n\r\n\r\nFinancial
    35. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    36. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    37. Strategies\r\n\r\n\r\n\r\n\r\nRazorpay\r\n\r\n\r\nFinancial
    38. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    39. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    40. Strategies\r\n\r\n\r\n\r\n\r\nCRED\r\n\r\n\r\nFinancial
    41. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    42. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    43. Strategies\r\n\r\n\r\n\r\n\r\nGoogle Pay\r\n\r\n\r\nFinancial
    44. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    45. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    46. Strategies\r\n\r\n\r\n\r\n\r\nBankBazaar\r\n\r\n\r\nFinancial
    47. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    48. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    49. Strategies\r\n\r\n\r\n\r\n\r\nPaytm\r\n\r\n\r\nFinancial
    50. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    51. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    52. Strategies\r\n\r\n\r\n\r\n\r\nPine Labs\r\n\r\n\r\nFinancial
    53. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    54. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    55. Strategies\r\n\r\n\r\n\r\n\r\nPayPal\r\n\r\n\r\nFinancial
    56. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    57. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    58. Strategies\r\n\r\n\r\n\r\n\r\nZeta\r\n\r\n\r\nFinancial
    59. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    60. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    61. Strategies\r\n\r\n\r\n\r\n\r\nBharat Pay\r\n\r\n\r\nFinancial
    62. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    63. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    64. Strategies\r\n\r\n\r\n\r\n\r\nPhonePe\r\n\r\n\r\nFinancial
    65. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    66. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    67. Strategies\r\n\r\n\r\n\r\n\r\nEasebuzz\r\n\r\n\r\nFinancial
    68. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    69. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    70. Strategies\r\n\r\n\r\n\r\n\r\nAmazon Pay\r\n\r\n\r\nFinancial
    71. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    72. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    73. Strategies\r\n\r\n\r\n\r\n\r\nCashfree\r\n\r\n\r\nFinancial
    74. Overview\r\n\r\n\r\nProducts Offered\r\n\r\n\r\nKey
    75. Developments\r\n\r\n\r\nSWOT Analysis\r\n\r\n\r\nKey
    76. Strategies\r\n\r\n\r\n\r\n\r\n\r\n\r\nAppendix
    77. \r\n\r\n\r\nReferences\r\n\r\n\r\nRelated
    78. Reports\r\n\r\n\r\n\r\n\r\nLIST Of tables\r\n \r\n\r\n\r\nLIST
    79. OF ASSUMPTIONS\r\n\r\n\r\nIndia Payment Service Market SIZE ESTIMATES
    80. & FORECAST, BY SERVICE, 2019-2035 (USD Billions)\r\n\r\n\r\nIndia
    81. Payment Service Market SIZE ESTIMATES & FORECAST, BY VERTICAL, 2019-2035 (USD
    82. Billions)\r\n\r\n\r\nPRODUCT LAUNCH/PRODUCT DEVELOPMENT/APPROVAL\r\n\r\n\r\nACQUISITION/PARTNERSHIP\r\n\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\nLIST
    83. Of figures\r\n \r\n\r\n\r\nMARKET SYNOPSIS\r\n\r\n\r\nINDIA
    84. PAYMENT SERVICE MARKET ANALYSIS BY SERVICE\r\n\r\n\r\nINDIA PAYMENT
    85. SERVICE MARKET ANALYSIS BY VERTICAL\r\n\r\n\r\nKEY BUYING CRITERIA
    86. OF PAYMENT SERVICE MARKET\r\n\r\n\r\nRESEARCH PROCESS OF MRFR\r\n\r\n\r\nDRO
    87. ANALYSIS OF PAYMENT SERVICE MARKET\r\n\r\n\r\nDRIVERS IMPACT ANALYSIS:
    88. PAYMENT SERVICE MARKET\r\n\r\n\r\nRESTRAINTS IMPACT ANALYSIS: PAYMENT
    89. SERVICE MARKET\r\n\r\n\r\nSUPPLY / VALUE CHAIN: PAYMENT SERVICE
    90. MARKET\r\n\r\n\r\nPAYMENT SERVICE MARKET, BY SERVICE, 2025 (% SHARE)\r\n\r\n\r\nPAYMENT
    91. SERVICE MARKET, BY SERVICE, 2019 TO 2035 (USD Billions)\r\n\r\n\r\nPAYMENT
    92. SERVICE MARKET, BY VERTICAL, 2025 (% SHARE)\r\n\r\n\r\nPAYMENT SERVICE
    93. MARKET, BY VERTICAL, 2019 TO 2035 (USD Billions)\r\n\r\n\r\nBENCHMARKING
    94. OF MAJOR COMPETITORS\r\n\r\n\r\n "

    India Payment Service Market Segmentation

     

     

     

    • Payment Service Market By Service (USD Billion, 2019-2035)

      • Professional
      • Managed
      • Platform

     

    • Payment Service Market By Vertical (USD Billion, 2019-2035)

      • BFSI
      • Retail
      • Healthcare
      • Media & Entertainment
      • Hospitality

     

     

     

     

     

     

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