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.
India UPI Apps Market Driver:
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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Market Dimensions & Projections
- Pricing Evaluation
- Recent Strategic Moves by Companies
- Primary Stakeholders
- Import/Export Trend Analysis
- Competitive Landscape Assessment
- Emerging Opportunities
- Market Trends and Indicators
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India UPI Apps Market Segmentation:
The market report categorizes the market based on different segments and geographical analysis.
Study Timeline:
-Base Year: 2023
-Historical Period: 2019 to 2022
-Forecast Period: 2024 to 2030
- 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
- 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
- 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
- By Region
- North
- East
- West
- South
Competitive Landscape
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – PhonePe, Google Pay, Paytm, BHIM App, Amazon Pay, MobiKwik, CRED, Axis Pay, Imobile Pay, PayZapp, Freecharge, and others
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