The payment gateway market in India is witnessing a boom due to increased internet usage and growing awareness of online transactions. The integration of payment processors is now vital for businesses, facilitating secure transactions through customers' preferred banks. The 'Digital India' initiative has spurred the adoption of transaction platforms and services, though digital infrastructure needs strengthening in smaller cities and rural areas. The competitive market includes players like PayU, Paytm, Razorpay, PayPal India, and CCAvenue, who are expanding their market share through strategic partnerships, investments, and product launches.

[222+ Pages Report] The India payment gateway market size is expected to grow from USD 1,632.7 million in 2023 to USD 4,012.3 million by 2032, at a CAGR of 10.5% from 2024-2032

The India payment gateway market is projected to grow from INR 1.21 million in 2023 to INR 5.31 million by 2033, exhibiting a CAGR of 17.16% during the forecast period. The growth of the market is attributed to the increasing adoption of online payment methods, driven by factors such as the rising penetration of smartphones, the growth of e-commerce, and the government's push for digital payments. The market is segmented by organization size into small and medium, and large-scale. The small and medium segment accounted for the largest market share in 2023, and is expected to maintain its dominance throughout the forecast period. This is due to the large number of small and medium businesses in India, which are increasingly adopting online payment gateways to facilitate their business transactions. The large-scale segment is also expected to grow at a significant rate during the forecast period, driven by the adoption of payment gateways by large enterprises to streamline their payment processes. Recent developments include: February 2022 - Good Life Centre, a charitable organization based out of Tamil Nadu, sought a digital solution to streamline the donor management tracker. The PayPal team assessed the NGO's requirement to create mock screens for a donor management app. Once the workflow was designed, the UX and UI specialists brought the software to life. The outcome of the product was a seamless payment gateway for donations. It also comprised an admin flow that allowed for these donations to be tracked and managed and for offline contributions to be added., January 2022 - CCAvenue, Infibeam Avenues' flagship brand and entity in the Indian digital payments industry, has announced that it has integrated NSDL Payments Bank's direct debit facility to benefit Indian eCommerce. The coming together of these two payment entities will provide new lucrative opportunities for lakhs of Indian web merchants currently availing CCAvenue's payment gateway services.. Key drivers for this market are: Growing Volume of E-Commerce Transactions in the Country, Evolving Market Landscape To Pave Way For Entry of New Vendors and the Ongoing Technological Advancements (Specifically Focused on Security) to Further Aid Penetration of Digital Transactions. Potential restraints include: Lack of a standard legislative policy remains especially in the case of cross-border transactions. Notable trends are: Growing E-Commerce Transactions to Drive Market Growth.

In financial year 2024, 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 over 67 percent. UPI is an instant real-time payment system developed by the National Payments Corporation of India and facilitates inter-bank 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.

This statistic displays the value of the payment gateway market in India in 2017 with a forecast for 2025. In 2025, the Indian payment gateway market was forecasted to grow to approximately 1.71 billion U.S. dollars.

The India Payments Market Report is Segmented by Mode of Payment (Point-Of-Sale [Card Payments, Digital Wallet, Cash, and Others] and Online Sale [Card Payments, Digital Wallet, and Others]) and End-User Industry (Retail, Entertainment, Healthcare, Hospitality, and Other End-User Industries). The Market Sizes and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

The APAC Payment Gateway Market Report is Segmented by Type (Hosted, Non-Hosted), Enterprise (Small and Medium Enterprise (SME), Large Enterprise), End User (Travel, Retail, BFSI, Media and Entertainment, Other End Users), and Country (China, Japan, India, South Korea, and the Rest of APAC). The Market Size and Forecasts are Provided in Terms of Value (USD) for all the Above Segments.

Since COVID-19, the share of cash transactions in India has declined significantly, with mobile wallets now surpassing cash as a preferred payment method for point of sale (POS) transactions. Wallets like Paytm, PhonePe, and Google Pay are all forecast to gain millions of new users in India between 2020 and 2025. Both Paytm and PhonePe ranked as popular digital payment methods in India in 2020 and were more commonly used than credit or debit cards for online shopping.

Digital wallets were significantly more used in Asia-Pacific than in other parts of the world in 2024. Wallets accounted for over 70 percent of e-commerce payments in the region, instead of roughly 20 percent in both Latin America and MEA. Wallets accounted for less than half of global e-commerce payment transactions, which will increase to 54 percent in 2026. Digital wallets are popular in China and India, with PhonePe in India and Alipay in China being notable brands. The APAC region also uses these wallets for mobile proximity payments in an offline POS environment. Wallets to grow fastest in Latin America Use of apps like Apple Pay or Google Pay in North America will double between 2020 and 2025, although Asia's market size will be significantly larger. This is according to a regional forecast on payments conducted with mobile wallets. Brazil is the leading country in Latin America for digital wallets. Two of Latin America's most used wallets come from Brazil. Brazilian neobank Nubank had 30 million users, for example. The wallet from Argentian e-commerce giant Mercado Libre, Mercado Pago, had noticeably fewer users. Is Apple Pay big in either Asia or Latin America? Apple Pay was relatively more popular in the United States, Canada, and the United Kingdom than in other countries. One out of 10 respondents from Brazil indicated they had used Apple Pay in a store or restaurant between April 2022 and March 2023 - significantly less than the 69 percent of respondents who said they did so from the UK. That is not to say that countries outside the Western world do not use this payment method. The market share of Apple Pay on websites in India and Brazil was nine percent and three percent, respectively.

The global payment gateway market, valued at $12.81 billion in 2025, is projected to experience robust growth, exhibiting a compound annual growth rate (CAGR) of 13.42% from 2025 to 2033. This expansion is fueled by several key factors. The increasing adoption of e-commerce and digital transactions across all business sizes—from micro and small enterprises (MSEs) to large corporations—is a primary driver. The shift towards contactless payments, accelerated by the pandemic, further contributes to market growth. Furthermore, the rising demand for secure and seamless payment solutions, coupled with technological advancements like improved mobile payment infrastructure and innovative payment methods (e.g., Buy Now Pay Later), are propelling market expansion. The hosted payment gateway segment is expected to dominate due to its scalability, cost-effectiveness, and ease of integration. Geographically, North America currently holds a significant market share, but the Asia-Pacific region, particularly India and China, is poised for substantial growth due to the burgeoning digital economy and increasing internet penetration. Competition in the market is fierce, with established players like PayPal, Stripe, and Adyen facing challenges from emerging fintech companies offering specialized solutions. The market is witnessing increased consolidation through mergers and acquisitions, as companies strive to expand their product portfolios and geographical reach. However, regulatory hurdles related to data security and compliance, along with the potential for fraudulent activities, present significant challenges. The market's future trajectory will depend on the continued adoption of digital payments, advancements in security technologies, and the ability of companies to adapt to evolving consumer preferences and regulatory landscapes. The growth will be significantly influenced by the expanding digital infrastructure in developing economies. The successful navigation of these factors will be crucial for market participants seeking sustained growth and profitability in the coming years.

The online payment gateway market is currently valued at US$ 127.45 billion in 2024. It is set to register a CAGR of 9.60% and is estimated to reach US$ 318.74 billion by 2034. The virtual payment gateway market is evolving due to high demand for IoT-based payments reinforced by technological improvements.

2019 to 2023 Historical Analysis vs. 2024 to 2034 Market Projection

Category-wise Insights

Country-wise Insights

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India Unified Payments Interface Market Size 2024-2028

The India unified payments interface (UPI) market size is forecast to increase by USD 699.02 billion at a CAGR of 205.6% between 2023 and 2028.

The market is experiencing significant growth due to its instant and seamless money transfer process. This feature is driving the market, as more consumers prefer contactless transactions for their daily financial needs. Furthermore, the increasing use of mobile apps for shopping transactions is boosting the adoption of UPI. However, the market also faces challenges such as UPI payment frauds, which require strong data security measures to ensure user confidence. To mitigate these risks, market participants are investing in advanced security technologies and regulatory compliance. Overall, the UPI market is poised for growth, offering opportunities for innovation and expansion.

What will be the size of the India Unified Payments Interface (Upi) Market during the forecast period?

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The market represents a significant shift in mobile payment systems, enabling users to transfer money between bank accounts using a smartphone application. UPI facilitates seamless settlement through push and pull transactions, surpassing the need for physical cash and traditional over-the-counter payments. This mobile-first payment solution offers enhanced security with multi-factor authentication, safeguarding sensitive information during transactions. UPI supports recurring payments for utility bills, school fees, and other regular expenses, making financial management more efficient. While credit and debit cards and net banking continue to be popular options, UPI's convenience and instant payment processing have gained traction.
Furthermore, with UPI, users can send and receive money using a Virtual ID or account details, eliminating the need for sharing personal identification. The increasing unbanked population In the US also benefits from this innovative payment solution, expanding financial inclusion. Overall, the UPI market is poised for growth, offering a more convenient and secure alternative to traditional payment methods.

How is this market segmented and which is the largest segment?

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

Application

  Money transfers
  Bill payments
  Point of sale
  Others


Type

  P2P
  P2M


Geography

  India

By Application Insights

The money transfers segment is estimated to witness significant growth during the forecast period.

The increasing demand for instant money transfer in India is expected to increase the demand for UPI from end-users during the forecast period. The users of UPI can transfer money through their mobile devices round the clock, 24x7 and 365 days. In addition, UPI is a fast, hassle-free, and cheapest way of money transfer, which the user can do anytime from anywhere. In addition, UPI eliminates the risk of carrying cash. Moreover, money transfer/transaction can be initiated from any bank's UPI application. Also, it only requires the virtual ID of the payee to transfer the money. The process of transferring money by UPI is quite simple as there is no need for pre-addition/approval of the beneficiary; the transfer is made to the beneficiary's virtual ID. Furthermore, a single UPI application can be used for different bank accounts. The user simply needs to link their bank accounts to their UPI-based application. Also, there is no charge for transferring money to the beneficiary account via UPI. Hence, owing to these factors, the demand for UPI for transferring money is expected to increase during the forecast period.

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The money transfers segment was valued at USD 303.00 billion in 2018 and showed a gradual increase during the forecast period.

Market Dynamics

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

What are the key market drivers leading to the rise in adoption of India Unified Payments Interface (UPI) Market?

Instant and smooth money transfer process is the key driver of the market.

The market represents a significant advancement in mobile payment systems, enabling seamless transactions between bank accounts through a smartphone application. UPI facilitates both push and pull transactions, allowing users to send and receive money instantly, without the need for physical cash or account details. This real-time gross settlement system supports transaction authentication through various methods, ensuring sensitive i

The white label payment gateway market is experiencing robust growth, projected to reach a market size of $3417.8 million in 2025. While the provided CAGR is missing, considering the rapid expansion of e-commerce and the increasing demand for flexible payment solutions, a conservative estimate of 15% CAGR from 2025 to 2033 is plausible. This translates to significant market expansion over the forecast period. Key drivers include the rising adoption of online and mobile payments, the need for businesses to offer diverse payment options to enhance customer experience, and the cost-effectiveness and scalability advantages of white label solutions compared to building in-house systems. Furthermore, the increasing prevalence of omnichannel commerce necessitates seamless payment processing across various platforms, fueling the demand for versatile white-label gateway solutions. Market segmentation reveals a strong preference for customized solutions, catering to the specific needs of businesses. Within application segments, Payment Service Providers (PSPs) and Independent Sales Organizations (ISOs) are major adopters, driven by their focus on expanding their service offerings and market reach. The competitive landscape is dynamic, with established players like ACI Worldwide and emerging companies like SafexPay and AsiaPayTech vying for market share. Geographic expansion is another key trend, with North America and Europe currently dominating, but significant growth potential exists in the Asia-Pacific region driven by burgeoning e-commerce markets in countries like India and China. The growth trajectory of the white label payment gateway market is expected to be significantly influenced by technological advancements. The integration of new technologies like AI and machine learning for fraud detection and risk management will play a crucial role in shaping market dynamics. Regulatory changes impacting payment processing in different regions, especially concerning data security and compliance, will also be pivotal. Moreover, the ongoing consolidation within the payment processing industry could lead to strategic partnerships and acquisitions, altering the competitive landscape significantly. The market's future hinges on the ongoing adoption of innovative payment methods, the expansion of digital wallets, and the continuous need for secure and efficient payment processing solutions across diverse industries. Understanding these factors is vital for businesses considering entering or expanding their presence in this rapidly evolving market.

The payment gateway aggregator market across India was estimated to record about 22.6 million terminals by fiscal year 2025. This was an increase from only 3.6 million terminals in financial year 2015.The country's digital payments industry as a whole was projected to be valued at over seven quadrillion rupees by 2025.

The global payment aggregation market is experiencing robust growth, driven by the increasing adoption of digital payment methods and the expansion of e-commerce. This market is projected to be valued at $50 billion in 2025, exhibiting a Compound Annual Growth Rate (CAGR) of 15% from 2025 to 2033. This significant growth is fueled by several key factors. The rising preference for convenient and secure online transactions among both personal users and businesses is a major catalyst. The expansion of mobile commerce and the increasing penetration of smartphones in developing economies are also contributing significantly to market expansion. Furthermore, the increasing demand for cross-border payment solutions and the emergence of innovative payment technologies, such as mobile wallets and buy-now-pay-later options, are further accelerating market growth. The market is segmented by payment type (cross-border and local) and application (personal users, shops, malls, and others), offering diverse opportunities for players across different segments. The competitive landscape is characterized by both established players like PayPal, Stripe, and Square, and emerging regional players, particularly in rapidly growing markets such as China and India. These companies are constantly innovating to offer enhanced security features, improved user experiences, and wider acceptance across various platforms and geographies. While the market faces challenges such as regulatory complexities and security concerns, the overall growth trajectory remains positive, indicating substantial opportunities for growth and investment in the coming years. The continued expansion of e-commerce, coupled with ongoing technological advancements, positions the payment aggregation market for continued expansion and innovation. This favorable market outlook is expected to attract further investment and innovation, driving continued growth well into the next decade.

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Digital Payment Market Size 2025-2029

The digital payment market size is forecast to increase by USD 304.95 billion at a CAGR of 25.5% between 2024 and 2029.

The market is witnessing significant growth due to the increasing use of smartphones and the emergence of mobile payments through NFC systems and e-wallets. The convenience and speed of digital payments have made them increasingly popular, particularly among younger generations. However, data security remains a major concern, with payment gateways and ATMs being prime targets for cyber attacks. To address this issue, advancements in technology such as near field communication, wearables, and blockchain technology are being adopted to enhance security. Furthermore, the integration of machine learning and information services in digital payment systems is expected to improve user experience and streamline transactions. In addition, the rise of renewable energy solutions and the integration of digital payments in POS terminals and e-commerce platforms are further driving market growth. Despite these opportunities, challenges such as privacy concerns and the need for regulatory compliance persist. Overall, the market is poised for continued expansion, with mobile apps, computer-based payments, and LED displays becoming increasingly common in the US and North American markets.

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The market is experiencing significant growth as technological advancements and increasing smartphone penetration drive the shift towards cashless transactions. Mobile wallets, digital payment cards, and cloud-based digital solutions are transforming the way adults worldwide conduct business and make purchases. With the proliferation of smartphones and improved internet accessibility, consumers are increasingly relying on user-friendly mobile applications for making payments, whether it be at retail terminals, POS systems, or online.
The market's size is projected to reach billions of people, representing a substantial portion of the world's total transactions. Technological developments, such as EUPay, EPI, and Verve Card, continue to facilitate seamless digital payment processing, enabling businesses to cater to the evolving needs of consumers in the world of web commerce. The convenience offered by digital payments is a key driver of market growth, as more and more people embrace the ease and security of card-based transactions.

How is this Digital Payment Industry segmented and which is the largest segment?

The digital payment industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

End-user

  Large enterprises
  SMEs


Component

  Solutions
  Services


Deployment

  On-premises
  Cloud


Method

  Digital wallets
  Bank cards
  Digital currencies


Application

  BFSI
  Media and entertainment
  IT and telecommunication
  Hospitality
  Healthcare


Geography

  APAC

    China
    India
    Japan
    South Korea


  North America

    Canada
    US


  Europe

    Germany
    UK
    France


  South America

    Brazil


  Middle East and Africa

By End-user Insights

The large enterprises segment is estimated to witness significant growth during the forecast period. The digital payments market has experienced significant growth due to the increasing usage of mobile wallets, digital payment cards, and contactless payments. Technological developments, such as NFC and QR codes, have enabled user-friendly smartphones to facilitate mobile payment solutions, including Apple Pay, Google Pay, and Samsung Pay. These innovations have gained popularity among tech-savvy consumers, leading to an increase in e-commerce sales and cashless methods. Businesses across industries, including retail, hospitality, and finance, have adopted digital payment systems for their convenience and strong security measures. International trade and cross-border transactions have also increased, driving the demand for digital payment services.

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The large enterprises segment was valued at USD 28.1 billion in 2019 and showed a gradual increase during the forecast period.

Regional Analysis

APAC is estimated to contribute 35% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The digital payments market is experiencing significant growth, particularly in the Asia-Pacific (APAC) region. This expansion is primarily driven by the rapid urbanization and increasing internet penetration in the area. The

Advances in contactless payments, mobile commerce, and cloud-based transactions are boosting the Wireless POS Terminal Market at a very rapid pace. The other sectors that add more fuel to this are retail, hospitality, health care, and transportation, where customers will be able to do things more easily through wireless POS systems, which, in turn, will enhance the operational efficiency. Large-scale innovation in the areas of NFC-enabled terminals, AI-driven analytics, and biometric authentication reduce risks and speed up the transactional process. Through government initiatives and a high rate of penetration with smartphones, economy growth has led to slow economic progression towards achieving a completely cashless economy.Cybersecurity threats, high upfront investment, and low connectivity are the biggest problems in the market. The top leaders in this market are Ingenico, Verifone, Square, PAX Technology, and First Data, which are investing in IoT and 5G-powered POS solutions. As integration in cloud computing, AI, and blockchain starts to grow, the market will remain growing even further, providing businesses with agile and secure solution for wireless payments.Concentration & CharacteristicsConcentration Areas: The global wireless POS terminal market is highly concentrated, with a few key players controlling a majority of the market share. The top 5 players accounted for over 60% of the market in 2022.Characteristics of Innovation: The wireless POS terminal market is characterized by rapid technological innovation, with manufacturers constantly introducing new products with advanced features and capabilities. Key innovation areas include contactless payments, mobile payments, and value-added services such as customer loyalty programs and analytics.Impact of Regulations: Regulations play a significant role in the wireless POS terminal market, particularly in areas related to data security, privacy, and payment standards. Governments worldwide are implementing strict regulations to protect consumer data and ensure the integrity of payment transactions.Product Substitutes: The wireless POS terminal market faces competition from alternative payment methods such as mobile wallets and mobile point-of-sale (mPOS) systems. However, wireless POS terminals remain a preferred choice for many merchants due to their reliability, security, and ease of use.End-User Concentration and Level of M&A: The wireless POS terminal market is highly concentrated on the end-user side, with retail, hospitality, and healthcare industries accounting for the majority of the demand. The level of mergers and acquisitions (M&A) activity in the market is moderate, with companies seeking to expand their market share and enhance their product offerings.Key Wireless POS Terminal Market Trends HighlightedGrowth of Contactless Payments: Contactless payment methods such as NFC and QR codes have gained significant popularity, driving the demand for wireless POS terminals that support these technologies.Adoption of Mobile Payments: 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.Increased Use of Value-Added Services: 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.Rising Popularity of Cloud-Based POS Systems: Cloud-based POS systems are gaining traction as they offer benefits such as cost savings, scalability, and access to real-time data. Wireless POS terminals are becoming increasingly compatible with cloud-based POS systems.Growing Demand in Emerging Markets: Emerging markets are expected to witness significant growth in the wireless POS terminal market as businesses in these regions adopt digital payment methods and seek to improve customer experiences.Key Region or Country & Segment to Dominate the Market 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..

The Payment Orchestration Platform (POP) market is experiencing rapid growth, projected to reach $1659.7 million in 2025 and exhibiting a robust Compound Annual Growth Rate (CAGR) of 24.7% from 2025 to 2033. This expansion is fueled by several key factors. The increasing adoption of digital payment methods across various industries, including BFSI, e-commerce, travel and hospitality, EdTech, gaming and entertainment, and healthcare, is a primary driver. Businesses are seeking streamlined payment processing solutions that offer improved efficiency, reduced costs, and enhanced customer experiences. The rise of omnichannel commerce further necessitates versatile platforms capable of handling diverse payment methods and integrating seamlessly with existing systems. Furthermore, the growing demand for enhanced security features and fraud prevention capabilities within payment processing is driving adoption of advanced POP solutions. Competition among established players like Cell Point Digital, Payoneer, and Worldline, alongside emerging fintechs, is fostering innovation and driving down costs, making POPs accessible to a wider range of businesses. The market segmentation reveals significant opportunities across various sectors. B2B and B2C applications currently dominate, however, the C2C segment is experiencing a surge in growth driven by the rise of peer-to-peer transactions and marketplace platforms. Geographically, North America and Europe are currently the largest markets, but significant growth potential lies within the Asia-Pacific region, particularly in rapidly developing economies like India and China, where digital payments adoption is accelerating at a phenomenal pace. However, challenges remain, including the complexity of integrating with legacy systems and the need for robust security measures to mitigate the risk of fraud and data breaches. Addressing these challenges will be crucial for continued market expansion and the sustained success of POP providers.

Saudi Arabia Cards and Payments Market is projected to grow at a CAGR of around 8.5% during the forecast period 2024-30. rising collaboration between financial institutions & tech-based companies as a potential opportunity in the Saudi Arabia cards and payments industry.

As of January 2024, the Bharat Interface for Money (BHIM) Unified Payments Interface (UPI) was the most used mode of digital payments in India with a transaction volume of around 81 billion transactions. PPI followed with around four billion transactions. The majority of the transactions across sectors such as online retail, food delivery, mobility, and e-health were made by UPI in the financial year 2023.

What is BHIM UPI?

BHIM is a mobile payment app developed by the National Payments Corporation of India (NPCI) based on UPI. It was launched in 2016 and it facilitates electronic payments directly through banks and promotes cashless payments. It allows users to send or receive payments using only a mobile number or UPI ID. As of June 2023, more than 200 Indian banks had partnered with BHIM.

Payment methods: a decade of transformation  

The last decade has witnessed a significant transformation in the payments landscape in India. In the early decade, methods such as cash and cheques were prevalent. However, with the advent of smartphones and internet connectivity, digital payment methods started gaining traction. The government’s ‘Digital India’ campaign further propelled this shift, aiming to create a ‘digitally empowered’ economy that is 'Faceless, Paperless, Cashless’. Several digital payment methods emerged in this decade. Credit cards and debit cards became widely popular due to their convenience, portability, and security features. The introduction of UPI served as a game changer in the payments industry by facilitating instant money transfers between any two bank accounts via a mobile platform.