A Quick Overview of India UPI Apps Market
The key object of this report on the India UPI Apps Market is to offer worthy data and a geographical perspective for predictions of market growth in the future. The recommendations added in this detailed report are insightful, and actionable offering a deep understanding of the industry. Moreover, it includes a comprehensive importance of aspects that have impacted the industry.
MarkNtel Advisors has recently studied an extensive market intelligence evaluation on the India UPI Apps Market. Also, the newly released report exhibits an engaging format that comprises compelling graphs, tables, charts, and figures as well. These seamlessly combined visual aids are designed to support the clarity and accuracy of the details presented, offering analysts a deep knowledge of the topic at hand.
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India UPI Apps Market Scenario:
The India UPI Apps Market size is projected to grow at a CAGR of around 10.5% during the forecast period, i.e., 2024-30. The India Unified Payments Interface (UPI) Apps Market has various factors presenting robust growth. Government initiatives like Digital India and financial inclusion programs accelerated digital payment solutions i.e. UPI Apps. Additionally, the ongoing adoptions of smartphones and 5G technologies across urban and rural areas of India, have significantly provided a wide range of UPI users. This increasing demand for contactless transactions makes the use of UPI easy by linking multiple bank accounts to a single UPI ID hence augmenting market growth & expansion.
India UPI Apps Market - Industry Dynamics, Size, And Opportunity Forecast To 2030:
Market Driver - Government Policies for Digital Payments & Financial Inclusion Driving Market Growth
The expansion of the Unified Payments Interface (UPI) Apps market in India is majorly driven by Government initiatives. Indian government promotes digital payments and financial inclusion actively through various schemes and campaigns like the Digital India Initiative, Aadhaar Enabled Payment System (AEPS), Cashless Transactions Campaigns, and Financial Literacy Campaigns. These initiatives promote merchants, small businesses, and large retailers to accept the UPI payments application in everyday transactions. The government also encouraging digital payment by integrating UPI apps in various Government services like Electricity bill payments, LPG payments, and ticket booking services. These combined initiatives of the government boost the Indian UPI Apps Market. For instance,
- In March 2023, The Ministry of Power declared that it would be adopting UPI as a payment option for electricity bills across the country. This move aims to simplify the payment process for millions of consumers and promote the adoption of digital payments.
India UPI Apps Market Segmentation Analysis:
India UPI Apps Industry, analyzes, identifies, and highlights the main trends and drivers which are affecting each segment of the market. The market has been further divided into the following categories:
By Type
- Peer-to-Peer (P2P) Payments- Market Size & Forecast 2019-2030, USD Million
- Peer-to-Merchant (P2M) Payments- Market Size & Forecast 2019-2030, USD Million
By Application
- Money Transfer- Market Size & Forecast 2019-2030, USD Million
- Bill Payments- Market Size & Forecast 2019-2030, USD Million
- Point of Sale- Market Size & Forecast 2019-2030, USD Million
- Others- Market Size & Forecast 2019-2030, USD Million
By Transaction Type
- Domestic- Market Size & Forecast 2019-2030, USD Million
- Cross Border- Market Size & Forecast 2019-2030, USD Million
By End User
- BFSI- Market Size & Forecast 2019-2030, USD Million
- Retail & E-Commerce- Market Size & Forecast 2019-2030, USD Million
- IT & Telecom- Market Size & Forecast 2019-2030, USD Million
- Healthcare- Market Size & Forecast 2019-2030, USD Million
- Travel & Hospitality- Market Size & Forecast 2019-2030, USD Million
- Transportation & Logistics- Market Size & Forecast 2019-2030, USD Million
- Media & Entertainment- Market Size & Forecast 2019-2030, USD Million
- Others- Market Size & Forecast 2019-2030, USD Million
By Region
- North
- East
- West
- South.
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Who are the Key Market Players in the India UPI Apps Market?
In the fast-changing India UPI Apps Market, understanding what our competitors are doing is crucial. By carefully analyzing things, we figured out some of the dominating players in the industry. So, the top companies of the India UPI Apps market ruling the industry are:
List of Key Companies Profiled:
- PhonePe
- Google Pay
- Paytm
- BHIM App
- Amazon Pay
- MobiKwik
- CRED
- Axis Pay
- iMobile Pay
- PayZapp
- Freecharge
- Others.
India UPI Apps Recent Development:
- August 2024: Google Pay introduced UPI Circle, a feature allowing users to add family members and friends as secondary users, to make digital payments without linking their bank account.
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