India Real Time Payment Market, By Type (24*7*365 and Bank Operating hours), By Certification (ISO Certified and Non-ISO Certified), By End User (Government and Banks), By Company and By Geography, Forecast & Opportunities, 2024
Published Date: February - 2025 | Publisher: MIR | No of Pages: 320 | Industry: BFSI | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationIndia Real Time Payment Market, By Type (24*7*365 and Bank Operating hours), By Certification (ISO Certified and Non-ISO Certified), By End User (Government and Banks), By Company and By Geography, Forecast & Opportunities, 2024
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The real time payments market expected to grow from USD 6.8 billion in 2018 to USD 25.9 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 30.6%.
India Real Time Payment Market is projected to witness robust growth by 2024, owing to increasing online payments and digital transactions in the country. Growing consumer preference of digital payments that are fast, secure and reliable as compared to other modes of payment are expected to drive the growth of the Real Time Payment market in India during the forecast period. Moreover, if value and volume in terms of transactions is calculated, the market will be huge. Instead of lining up at a bank or nearby payment offices, customers can make payments from anyplace sitting anywhere in the world, 24/7/365, which is likely to have a positive effect on the growth of market in coming years. Additionally, shift towards instant fund transfer and ease of reconciliation offered by banks for digital transaction is further anticipated to propel the growth of Real Time Payments in India. This is further backed by increasing number of smartphones and demand for such platform from merchants is anticipated to drive the growth of the market in the next five years. Moreover, with advancing mode of digital payment like Near-Field Communication (NFC Based Payments) & Wearables device-based payments coupled with support from FinTech companies will ensure robust growth of the market during the forecast period.
Years considered for this report
Historical Year 2014-2017
Base Year 2018
Estimated 2019
Forecast 2020-2024
Objective of the Study
- To analyse and forecast the market size of Real Time Payment, in terms of value and volume (Transaction).
- To classify and forecast India Real Time Payment based on type, certification, end-user and regional distribution.
- To identify drivers and challenges for India Real Time Payment.
- To examine competitive developments such as expansions, new product/service launches, mergers & acquisitions, etc., in India Real Time Payment.
- To identify and analyse the profile of leading players involved in the of India Real Time Payment system.
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Some of the leading players in the India Real Time Payment Market are ACI Worldwide, Capgemini India, NEC Technologies India Private Limited, The Clearing House Payments Company, Montran corporation (India) Ltd, among others.
MIR performed both primary as well as exhaustive secondary research for this study. Initially, MIR sourced a list of solution providers across India. Subsequently, MIR conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, MIR could include the Solution Providers which could not be identified due to the limitations of secondary research. MIR analysed the service offerings, distribution channels and presence of all major collaboration Solution Providers across the country.
MIR calculated the market size of India Real Time Payment using a bottom-up approach, where data for various application across various technology were recorded and forecast for the future years. MIR sourced these values from the industry experts and company representatives and externally validated through analysing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company website, news articles, press releases, company annual reports, investor presentations and financial reports were also used by MIR.
Key Target Audience
- Payment security solution and service providers
- FinTech Companies
- Financial Service Companies
- End Users
- Research organizations and consulting companies.
- Industry associations
The study is useful in providing answers to several critical questions that are important for the industry stakeholders, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
1. Unified Payments Interface (UPI)
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UPI OverviewUPI, launched by the National Payments Corporation of India (NPCI) in 2016, has been a game-changer in the real-time payment ecosystem. It allows users to transfer money between bank accounts instantly using a mobile platform.
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GrowthUPI has seen exponential growth in terms of transaction volume and value. As of recent data, UPI processes billions of transactions monthly, making it one of the most widely used real-time payment systems globally.
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AdoptionThe ease of use, interoperability, and zero-cost transactions have driven widespread adoption among consumers, merchants, and businesses.
2. Government Initiatives
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Digital IndiaThe Indian government's Digital India initiative has been a significant driver for the adoption of digital payments, including real-time payments.
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DemonetizationThe 2016 demonetization move accelerated the shift towards digital payments, as cash became scarce, and people turned to digital alternatives.
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Financial InclusionEfforts to bring the unbanked population into the formal financial system have also contributed to the growth of real-time payments.
3. Market Players
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BanksBoth public and private sector banks in India have integrated UPI into their mobile banking apps, enabling customers to make real-time payments.
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Fintech CompaniesFintech firms like Paytm, PhonePe, Google Pay, and others have played a crucial role in popularizing UPI and other real-time payment methods.
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NPCIThe NPCI continues to innovate and expand the UPI ecosystem, introducing new features and services to enhance user experience.
4. Technological Advancements
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Mobile PenetrationHigh mobile penetration and affordable internet access have been critical enablers for the adoption of real-time payments.
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API EcosystemThe open API ecosystem has allowed third-party developers to create innovative payment solutions, further driving adoption.
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SecurityAdvanced security measures, including two-factor authentication and encryption, have built trust among users.
5. Challenges
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Fraud and SecurityAs the volume of transactions grows, so does the risk of fraud and cyber-attacks. Ensuring robust security measures is crucial.
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InfrastructureWhile urban areas have seen rapid adoption, rural areas still face challenges related to digital infrastructure and literacy.
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Regulatory ComplianceKeeping up with evolving regulatory requirements can be challenging for market participants.
6. Future Outlook
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Continued GrowthThe real-time payment market in India is expected to continue its rapid growth, driven by increasing smartphone penetration, internet access, and digital literacy.
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InnovationNew features like UPI 2.0, which includes overdraft facilities and invoice payments, are expected to further enhance the ecosystem.
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Global ExpansionThere is potential for Indian real-time payment solutions like UPI to expand globally, with NPCI already exploring international collaborations.
7. Impact on Economy
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Cashless EconomyThe growth of real-time payments is contributing to the vision of a less-cash economy, reducing the reliance on physical currency.
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Economic EfficiencyReal-time payments improve economic efficiency by reducing transaction times and costs, benefiting both consumers and businesses.
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Financial InclusionReal-time payment systems are playing a crucial role in bringing more people into the formal financial system, promoting financial inclusion.
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