The top five main card issuers in India together were responsible for almost ********** of the market, with two issuers taking up nearly ** percent of it. This is according to a publication from **************, that quoted data for India in 2022. Note that the figures display card payments as a whole, and do not distinguish between credit cards or debit cards. India's biggest cards scheme is Visa, which had a market share that twice that of in-market local scheme RuPay.

The market share of domestic card brand RuPay did not reach the same heights in India as either Visa or Mastercard. Visa, especially, is popular in the Asian country, with a market share in 2023 of ** percent, an increase of ******percentage points from the previous year. Mastercard's market share grew by **** percentage points during the same timeframe. The share of cash in India declined significantly since COVID-19, whereas digital wallets became the most used in-store payment method. Noticeable is the growing use of credit cards for offline payments.

Credit card payments in India declined by nearly *** million transactions in the first year of the coronavirus pandemic but recovered substantially since then. In 2022, the payment method made up roughly *** transactions when compared to the country's population that year. Credit cards did not rank as India's most used payment method in POS - although its market share did increase between 2020 and 2021. Indian consumers generally prefer the use of cash, although especially mobile wallets are predicted to gain millions of new users within the Asian country.

The size of the Wireless Pos Terminal Market market was valued at USD 2.426 billion in 2024 and is projected to reach USD 5.13 billion by 2033, with an expected CAGR of 11.29% during the forecast period. Recent developments include: 1 Feb 2023: Ingenico and Splitit have teamed up to integrate white label, buy now pay later (BNPL) for physical checkout with a single tap., Ingenico S.A. revealed its alliance with BharatPe in March 2022. The latter aims at deploying advanced payment and commerce services to Indian merchants as well as accelerating the adoption of POS devices in India., 18 January 2022: Verifone, a worldwide fintech leader and provider of payment technology to the world’s leading retail brands, announced that it has partnered with Affirm, the consumer-empowering payment network that helps merchants grow their businesses. This partnership will enable Affirm's payment options that are transparent and flexible to be widely available on both Verifone e-commerce platforms and card present solutions., Adyen declared in January 2022 about the availability of mobile Android point-of-sale (POS) terminals throughout the USA. In terms of a change in function by turning into one complete entity instead of different cash registers, barcode readers, and customer-facing displays, these appliances are indicative., Revolut stated in July 2022 that it would expand card reader capabilities into POS solution, thus giving larger suppliers more choices if they need to integrate Revolut card scanner with existing POS systems. The wireless card reader is battery-powered, can be charged and supports chip and pin cards and contactless payments like Apple Pay etc., Samsung Electronics introduced Samsung Kiosk in June 2021 which is an all-in-one solution providing contactless ordering and payment capabilities. The kiosk currently available within America, including the US itself, Canada UK, Ireland, France, Sweden, Netherlands, Belgium, Spain, Austria, and Australia, plus twelve other countries across the globe; hence, day life includes kiosks offering easy interactive buying experiences for consumers while businesses can look at them as innovative approaches for rethinking offices enhancing productivity.. Key drivers for this market are: Growing demand for digital payments Increasing adoption of mobile and contactless technologies Rising need for enhanced customer experiences Expansion of value-added services. Potential restraints include: Security concerns related to data breaches Lack of infrastructure in certain regions High cost of equipment and maintenance Competition from alternative payment methods. Notable trends are: Contactless payment methods such as NFC and QR codes have gained significant popularity, driving the demand for wireless POS terminals that support these technologies. Mobile payments through smartphones and tablets are becoming increasingly prevalent, leading to a shift towards mPOS systems and wireless POS terminals that integrate with mobile devices. Merchants are increasingly seeking wireless POS terminals that offer value-added services such as customer loyalty programs, data analytics, and inventory management. These services enhance customer engagement and provide merchants with valuable business insights..

Snapshot img

Debt Settlement Market Size 2024-2028

The debt settlement market size is forecast to increase by USD 5.07 billion at a CAGR of 10.3% between 2023 and 2028.

The market is experiencing significant growth due to the increasing trend of consumers seeking relief from mounting credit card debts. One-time debt settlement has gained popularity as an effective solution for individuals looking to reduce their outstanding debt balances. However, the time-consuming nature of negotiations between debtors and creditors poses a challenge for market expansion. Despite this, the market's strategic landscape remains favorable for companies offering debt settlement services. Key drivers include the rising number of consumers struggling with debt, increasing awareness of debt settlement as a viable debt relief option, and the growing preference for affordable and flexible debt repayment plans.
Companies seeking to capitalize on market opportunities should focus on streamlining the negotiation process, leveraging technology to enhance customer experience, and building trust and transparency with clients. Effective operational planning and strategic partnerships with creditors can also help companies navigate the challenges of a competitive and complex market.

What will be the Size of the Debt Settlement Market during the forecast period?

Request Free Sample

The market encompasses a range of companies offering financial wellness programs to help consumers manage and reduce their debt. These programs include medical Debt collection, consumer debt relief, and financial education resources. Online financial resources and debt management software are increasingly popular, providing consumers with affordable debt solutions and debt negotiation strategies. However, it's crucial for consumers to be aware of debt settlement scams and their settlement success rates. Debt consolidation loans and financial planning tools are also viable options for responsible debt management. Furthermore, financial literacy education and workshops are essential for consumers to understand debt reduction calculators and credit reporting errors.
Consumer financial protection agencies offer financial counseling services and financial planning advice to promote financial wellness strategies and responsible borrowing. Student loan forgiveness programs are also gaining traction in the market. Overall, the market for debt settlement and financial wellness solutions continues to evolve, with a focus on providing accessible and effective debt relief options for consumers.

How is this Debt Settlement Industry segmented?

The debt settlement industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  Credit card debt
  Student loan debt
  Medical debt
  Auto loan debt
  Unsecured personal loan debt
  Others


End-user

  Individual
  Enterprise
  Government


Distribution Channel

  Online
  Offline
  Hybrid


Service Type

  Debt Settlement
  Debt Consolidation
  Debt Management Plans
  Credit Counseling


Provider Type

  For-profit Debt Settlement Companies
  Non-profit Credit Counseling Agencies
  Law Firms
  Financial Institutions


Geography

  North America

    US
    Canada


  Europe

    France
    Germany
    Italy
    UK


  Middle East and Africa



  APAC

    China
    India
    Japan
    South Korea


  South America



  Rest of World (ROW)

By Type Insights

The credit card debt segment is estimated to witness significant growth during the forecast period.

The market experiences significant activity due to the escalating credit card debt among consumers. In India, for instance, the rising financial hardships faced by borrowers are evident in the increasing credit card defaults. The latest data indicates that credit card defaults in India reached 1.8% in June 2024, a notable increase from 1.7% six months prior and 1.6% in March 2023. This trend underscores the mounting financial pressures on consumers. The outstanding credit card debt in India mirrors this trend, with approximately USD3.25 billion in outstanding balances as of June 2024, a slight increase from the previous year.

Debt elimination and negotiation strategies, such as debt relief programs and debt consolidation, have become increasingly popular among consumers seeking financial relief. Credit reporting agencies play a crucial role in this process, as they maintain and report consumers' credit histories to lenders. Student loan debt, medical debt, tax debt, and payday loans are other significant contributors to the market. Consumers often turn to debt validation, credit repair, and financial coaching for guidance in managing their debts. Online platforms, mobile apps, and budgeting tools have become esse

The Asia-Pacific (APAC) mobile payments market is experiencing explosive growth, fueled by increasing smartphone penetration, rising internet usage, and a burgeoning e-commerce sector. The region's diverse economies and large populations present significant opportunities for mobile payment providers. India and China, in particular, are key drivers, exhibiting high adoption rates due to factors like government initiatives promoting digitalization and a preference for cashless transactions among younger demographics. The 23.91% CAGR indicates a substantial increase in market value over the forecast period (2025-2033). While precise figures for APAC's current market size are unavailable from the provided data, considering the global market size and the region’s significant contribution, a reasonable estimate places the 2025 APAC mobile payments market value in the billions (e.g., $500 billion - this is an illustrative estimate and should be validated with independent market research). This is expected to grow substantially over the forecast period. Key growth drivers include the expansion of mobile network infrastructure, increasing financial inclusion through mobile banking, and the introduction of innovative payment solutions like super apps integrating various financial services. The rise of QR code-based payments further bolsters the market's expansion. However, challenges remain, including concerns over data security and privacy, the digital literacy gap in certain areas, and the need for robust regulatory frameworks to ensure consumer protection. Despite these challenges, the long-term outlook for APAC mobile payments is overwhelmingly positive. The increasing integration of mobile payments into daily life, from everyday purchases to utility bill payments, positions the market for sustained growth well beyond 2033. The competitive landscape is dynamic, with both global giants like Google, PayPal, and Visa, and regional players like Alipay and Paytm vying for market share. This competition drives innovation and fosters continuous improvement in the user experience, further accelerating market adoption. The future success of providers will hinge on their ability to adapt to evolving consumer preferences, effectively manage security risks, and navigate the complex regulatory landscape across different APAC markets. Strategic partnerships with local businesses and telcos will also be crucial for expanding reach and gaining a competitive edge in this rapidly evolving industry. Recent developments include: June 2022 - ComfortDelGro Taxi and Alipay+ announced a partnership that enables mobile payments from Malaysia and South Korea, namely the Touch 'n Go eWallet and Kakao Pay, to be accepted as cashless payment options in all its Comfort and CityCab taxis. Users of these mobile wallets can pay for the cab fare simply through the wallet apps without needing to exchange currency., March 2022 - HDFC Bank announced refurbishing its PayZapp app and launching it as a complete payments app called PayZapp 2.0 on the latest digital technology platform. The bank believes this app will leverage its existing strengths, such as its 60-million-strong debit and credit card franchise. Unlike its earlier version, PayZapp 2.0 will have Unified Payments Interface payments enabled. It will include various payment options, including modes like tap and pay to transact at all merchant establishments with the required enablement.. Key drivers for this market are: Increasing Internet Penetration and Growing M-commerce Market. Potential restraints include: Increasing Internet Penetration and Growing M-commerce Market. Notable trends are: Retail Industry is one of the Factor Driving the Market.

According to Cognitive Market Research, the global M Commerce Payments market size will be USD 12,524.8 million in 2025. It will expand at a compound annual growth rate (CAGR) of 21.30% from 2025 to 2033.

North America held the major market share for more than 37% of the global revenue with a market size of USD 4634.18 million in 2025 and will grow at a compound annual growth rate (CAGR) of 19.1% from 2025 to 2033.
Europe accounted for a market share of over 29% of the global revenue with a market size of USD 3632.19 million.
APAC held a market share of around 24% of the global revenue with a market size of USD 3005.95 million in 2025 and will grow at a compound annual growth rate (CAGR) of 23.3% from 2025 to 2033.
South America has a market share of more than 3.8% of the global revenue with a market size of USD 475.94 million in 2025 and will grow at a compound annual growth rate (CAGR) of 20.3% from 2025 to 2033.
Middle East had a market share of around 4% of the global revenue and was estimated at a market size of USD 500.99 million in 2025 and will grow at a compound annual growth rate (CAGR) of 20.6% from 2025 to 2033.
Africa had a market share of around 2.2% of the global revenue and was estimated at a market size of USD 275.55 million in 2025 and will grow at a compound annual growth rate (CAGR) of 21.0% from 2025 to 2033.
SMS/Direct Carrier Billing is the fastest growing segment of the M Commerce Payments industry

Market Dynamics of M Commerce Payments Market

Key Drivers for M Commerce Payments Market

Rise in Internet Connectivity and 4G/5G Networks Is Expected To Boost Market Growth

The rise in internet connectivity, particularly through the expansion of 4G and 5G networks, has been a key driver of the growth in the m-commerce payments market. With the widespread availability of high-speed internet, consumers now enjoy faster, more reliable access to mobile payment platforms. The enhanced speed and low latency of 4G and 5G networks enable real-time transactions, reducing delays in payment processing, and improving the overall user experience. This technological advancement has made mobile payments more efficient and secure, allowing businesses and consumers to complete transactions seamlessly. In April 2025, Bharat Sanchar Nigam Limited (BSNL) aimed to launch pan-India 4G services by September 2022, utilizing 700MHz and 2100MHz bands for future 5G upgrades. By December 2024, BSNL had installed over 50,000 4G-enabled, 5G-ready towers.

Shift in Consumer Preferences Toward To Boost Market Growth

The shift in consumer preferences toward digital wallets is a significant factor driving the growth of the m-commerce payments market. Consumers are increasingly seeking convenient, secure, and fast payment methods, and digital wallets offer all of these advantages. Digital wallets, such as Apple Pay, Google Wallet, and PayPal, provide a seamless and efficient way to store payment information, allowing users to make purchases with just a few taps on their mobile devices. This shift is fueled by the growing trust in digital payment systems, as well as the increasing integration of these wallets across various platforms and retailers, making them more accessible to consumers. In January 2025, The Reserve Bank of India (RBI) expanded its digital payment ecosystem by introducing the digital rupee (e-rupee). In January 2025, fintech firm Cred integrated access to the e-rupee, following RBI's pilot launch in December 2022. Other payment platforms like GooglePay and PhonePe have also shown interest in adopting the digital currency.

Restraint Factor for the M Commerce Payments Market

Security Concerns and Fraud Risk, Will Limit Market Growth

Security concerns and fraud risks are significant challenges that hinder the growth of the m-commerce payments market. While digital payments offer convenience and speed, the increasing use of mobile devices for financial transactions has made consumers more vulnerable to cyberattacks and data breaches. Fraudsters can exploit vulnerabilities in mobile payment systems, potentially compromising sensitive user information such as bank account details, personal identification numbers (PINs), and credit card information. These security threats can lead to financial losses and undermine trust in mobile payment platforms, making consumers hesitant to fully embrace these technologies.

Market Trends in M Commerce Payments Market

Integ...

The India real-time payments (RTP) industry is experiencing explosive growth, driven by the widespread adoption of smartphones, increasing digital literacy, and government initiatives promoting digital transactions. With a CAGR of 33.50% from 2019 to 2024, the market demonstrates significant potential. The industry's value, estimated at [Insert reasonable estimate based on available data, for example: ₹500 million] in 2025, is projected to surge substantially over the forecast period (2025-2033). This growth is fueled primarily by the P2P (person-to-person) segment, which benefits from the convenience and speed offered by RTP systems. However, the P2B (person-to-business) segment is also poised for significant expansion as more businesses integrate RTP into their payment processing systems to streamline transactions and reduce costs. Key players like Paytm, PhonePe, and NPCI dominate the market, leveraging their extensive user bases and robust infrastructure. While the market faces challenges such as infrastructure limitations in certain regions and cybersecurity concerns, the overall outlook remains overwhelmingly positive, indicating considerable investment opportunities and substantial future growth. The continued growth trajectory is expected due to several factors. The Indian government's continued push for digitalization, including initiatives like the Unified Payments Interface (UPI), will remain a significant driver. Furthermore, the rising adoption of e-commerce and online services will create a sustained demand for quick and secure payment solutions. The increasing penetration of mobile internet and financial inclusion initiatives will further expand the user base, contributing to the market's exponential growth. While challenges such as addressing the digital divide and ensuring robust security measures remain, the inherent advantages of RTP systems – speed, efficiency, and cost-effectiveness – position the India RTP industry for continued dominance in the global payments landscape. The expansion into new technologies like AI and blockchain for enhanced security and efficiency will also influence further growth. Recent developments include: June 2022 - The Reserve Bank of India (RBI) proposed to link credit cards with UPI (unified payment system looking forward to future growth as of 2022 in India, there was approximately 594 crore credit card transaction., June 2022 - RBI proposed that it's Looking to Expand UPI For Cross Border Remittance Via International Partnerships. RBI claims that the efforts with various countries are at different stages - but cross-border remittance via PayNow will begin after July 2022. So far, UPI has partnered with Singapore-based PayNow, which could be the foundation of cross border payments ecosystem in India, April 2022 - Google Pay has launched 'Tap to pay a new feature in India, for UPI, in collaboration with Pine Labs. The feature makes use of Near Field Communication (NFC) technology. With the latest figures in the Indian market, approximately 1842 mobile devices are offering NFC technology in the Indian market(91 mobiles)., March 2022 - Reserve Bank of India (RBI) released the framework for geo-tagging of payment system touch points to ensure proper monitoring of payment acceptance infrastructure geo-tagging refers to capturing the geographical coordinates ( longitude and latitude) of payment touchpoints deployed by the merchant to receive customer payments.. Key drivers for this market are: Increased Smartphone Penetration, Falling Reliance on Traditional Banking; Ease of Convenience. Potential restraints include: Increased Smartphone Penetration, Falling Reliance on Traditional Banking; Ease of Convenience. Notable trends are: P2B Segment Will Hold Significant Market Share.

In financial year 2025, the share of Bharat Interface for Money app that uses Unified Payments Interface (BHIM UPI) was the highest compared to other payment systems in India at around ** percent. UPI is an instant real-time payment system developed by the National Payments Corporation of India and facilitates interbank transactions. There are a variety of ways to transfer money in today's banking environment. Right from cash based systems to card-based and mobile payments, India has developed a broad network of payment systems.

Google Pay was used more often for in-store payments in both India and Poland than in either the United States or the UK in 2024. This reveals itself when comparing two questions from Statista's Consumer Insights as ** out of 100 consumers from India replied they had used Google Pay. India ranks within the top three of countries in the world with the highest penetration of proximity mobile payments.

How many people use Google Pay?

Google's mother company Alphabet does not share user figures of Google Pay. This is because the company does not charge transaction fees, except in the United States when clients transfer money from a Google Pay account to a bank account with a debit card. A 2022 forecast predicted the number of Google Pay users in the United States would grow by more than *** million between 2022 and 2026. This prediction was from before May 2022, however. That month, Google announced it would replace Google Pay altogether with a resurrected Google Wallet app in ** countries across the world, except the U.S., Singapore, and India.

Google Pay used more often on websites outside the United States Website tracking focusing on payment technologies indicates Google Pay is used more often on websites from Canada, New Zealand or Ireland than on U.S. websites or platforms from Europe. Nearly **** percent of merchants in Italy with at least one Payment Acceptance or Payment Processor technology up to August 2023 had Google Pay on their website. Websites from India ranked relatively low in this list, potentially indicating Google Pay is either used more as an offline payment method or that Google Pay is integrated within UPI in the country.