India Payment Gateway  Market size was valued at USD 1.6 Billion in 2024 and is expected to reach USD 3.2 Billion by 2033, at a CAGR of 9.7% during the forecast period 2024 – 2033.

India Payment Gateway Market: Overview

A payment gateway is a technical solution that enables online transactions by securely authorizing and processing payments between merchants (sellers) and purchasers. The consumer inputs their payment information, such as credit or debit card numbers, net banking information, or other payment methods, into the payment gateway’s secure interface.

The Indian payment gateway landscape is witnessing several notable trends shaping the industry. The growing acceptance of digital payments, fueled by smartphone usage, internet connection, and government programmes such as Digital India and UPI, continues to drive development.

Furthermore, there is a noticeable movement towards contactless and mobile-based payment options, driven by shifting customer tastes and the need for ease and safety, particularly in the aftermath of the COVID-19 epidemic. Furthermore, the proliferation of fintech firms and novel payment technologies is increasing competition and propelling advances in user experience, security, and interoperability.

Furthermore, the rise of buy-now-pay-later (BNPL) services and integrated financing solutions is broadening the use of payment gateways beyond traditional transactions. In summary, these data show a dynamic and expanding payment environment in India characterized by innovation, digitization, and a focus on enhancing the user experience.

By type, hosted segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. The trend in India’s hosted payment gateways is towards seamless integration, increased security measures, mobile optimisation, and customisable features to accommodate the different demands of both companies and consumers.

By enterprise, the large enterprise segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033. Large businesses are increasingly using integrated payment systems to optimise financial processes, boost security, and enhance consumer experiences. This trend in payment processing systems focuses on efficiency, scalability, and compliance.

By end user, the retail and e-commerce segment held the highest market share in 2023 and is expected to keep its dominance during the forecast period 2024-2033.  Retail and e-commerce trends are turning towards multichannel experiences, personalized purchasing, and sustainable practices, owing to digitization, increasing customer tastes, and the emergence of conscious consumerism.

A prominent trend in West India is the fast use of digital payment systems, which is being pushed by urbanization, tech-savvy populations, increased smartphone usage, and government attempts to promote cashless transactions.

PayPal Holdings, Inc. is an American multinational financial technology firm that operates an online payments system in the majority of nations that allows for online money transfers. It acts as an electronic alternative to traditional paper methods like checks and money orders.

Report Scope

Feature of the Report Details
Market Size in 2024 USD 1.6 Billion
Projected Market Size in 2033 USD 3.2 Billion
Market Size in 2023 USD 1.3 Billion
CAGR Growth Rate 9.7% CAGR
Base Year 2023
Forecast Period 2024-2033
Key Segment By Type, Enterprises, End User and Region
Report Coverage Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options Request tailored purchasing options to fulfil your requirements for research.

CMI has comprehensively analyzed India Payment Gateway market. The driving forces, restraints, challenges, opportunities, and key trends have been explained in depth to depict the market scenario. Segment wise market size and market share during the forecast period are duly addressed to portray the probable picture of this India Payment Gateway industry.

The competitive landscape includes key innovators, after market service providers, market giants as well as niche players are studied and analyzed extensively concerning their strengths, weaknesses as well as value addition prospects. In addition, this report covers key players profiling, market shares, mergers and acquisitions, consequent market fragmentation, new trends and dynamics in partnerships.

India Payment Gateway Market 2024–2033 (By Billion)

List of the prominent players in the India Payment Gateway Market:

  • Paytm Payments Bank
  • Razorpay
  • PayU India
  • CCAvenue
  • BillDesk
  • Instamojo
  • MobiKwik
  • Pine Labs
  • Atom Technologies
  • HDFC Bank
  • ICICI Bank
  • Axis Bank
  • State Bank of India
  • PayPal India
  • Amazon Pay India
  • Google Pay India
  • PhonePe
  • BharatPe
  • Citrus Payment Solutions
  • Oxigen Services India
  • Others

The India Payment Gateway Market is segmented as follows:

By Type

  • Hosted
  • Non-hosted

By Enterprises

  • Large Enterprises
  • Small & Medium Enterprises

By End User

  • BFSI
  • Media & Entertainment
  • Retail & E-commerce
  • Travel & Hospitality
  • Others