MarkNtel Advisors recently published a detailed industry analysis of the India UPI Apps Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
India UPI Apps Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
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.
What are the major Driver the India UPI Apps industry?
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.
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What segments define the India UPI Apps market from 2024 to 2030? How do these segments contribute to market dynamics and growth?
- 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
According to report, Among the two types of payments in the India UPI Apps Market Peer-to-Merchant (P2M) payments segment is anticipated to seize the largest market share.
- 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
According to report, The Money Transfer segment emerges as the major application segment in the UPI Apps Industry in India.
- 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
Explore the Complete India UPI Apps Market Analysis Report – https://www.marknteladvisors.com/research-library/india-upi-apps-market.html
Geographical Analysis: India UPI Apps Market
- North
- East
- West
- South
India UPI Apps Market Share & Competitive Landscape:
The India UPI Apps Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the India UPI Apps Market are:
- PhonePe
- Google Pay
- Paytm
- BHIM App
- Amazon Pay
- MobiKwik
- CRED
- Axis Pay
- iMobile Pay
- PayZapp
- Freecharge
India UPI Apps Industry 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.
- January 2024: Google Pay has signed a Memorandum of Understanding with the National Payments Corporation of India to expand the use of UPI to other countries. This will help Indian travelers to make payments in foreign countries using UPI.
Questions Addressed in this Study
1.What factors are driving the India UPI Apps Market growth?
2.How is the India UPI Apps Market expected to grow over the next five years?
3.What are the key insights into the current trends in the India UPI Apps Market?
4.What is the current size of the India UPI Apps Market, and how is it projected to change in the future?
6.What is the future outlook for the India UPI Apps Market in terms of technological advancements and market expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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