Unified Payments Interface (UPI) market size in India to grow by USD 65.49 trillion from 2021 to 2026: Instant and smooth money transfer process will drive growth - Technavio
NEW YORK, Aug. 8, 2023 /PRNewswire/ -- The unified payments interface (UPI) market in India size is estimated to grow by USD 65.49 trillion from 2021 to 2026 at a CAGR of 132.98% according to Technavio.
NEW YORK, Aug. 8, 2023 /PRNewswire/ -- The unified payments interface (UPI) market in India size is estimated to grow by USD 65.49 trillion from 2021 to 2026 at a CAGR of 132.98% according to Technavio. Download a sample report!
Unified payments interface (UPI) market in India insights -
- Vendors: 15+, Including Alphabet Inc., Amazon.com Inc., Apple Inc., Axis Bank Ltd., Bank of Baroda, Bharti Airtel Ltd., Central Bank of India, Dreamplug Technologies Pvt. Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Meta Platforms Inc., One MobiKwik System Pvt. Ltd., One97 Communications Ltd., Reliance Industries Ltd., Samsung Electronics Co. Ltd., South Indian Bank Ltd., State Bank of India, Union Bank of India, Walmart Inc., and Yes Bank, among others
- Coverage: Parent market analysis; key drivers, major trends, and challenges; customer and vendor landscape; vendor product insights and recent developments; key vendors; and market positioning of vendors
- Segments: Application (Money transfers, Bill payments, Point of sale, and Others) and Type (P2P and P2M)
To understand more about the unified payments interface (UPI) market in India, request a sample report
Unified payments interface (UPI) market in India - Vendor Insights
The growing competition in the market is compelling vendors to adopt various growth strategies such as promotional activities and spending on advertisements to improve the visibility of their services. Technavio report analyzes the market's competitive landscape and offers information on several market vendors including Alphabet Inc., Amazon.com Inc., Apple Inc., Axis Bank Ltd., Bank of Baroda, Bharti Airtel Ltd., Central Bank of India, Dreamplug Technologies Pvt. Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Meta Platforms Inc., One MobiKwik System Pvt. Ltd., One97 Communications Ltd., Reliance Industries Ltd., Samsung Electronics Co. Ltd., South Indian Bank Ltd., State Bank of India, Union Bank of India, Walmart Inc., and Yes Bank
Unified payments interface (UPI) market in India – Market Dynamics
Major Driver - Instant and smooth money transfer process
Instant and smooth money transfer process drives the growth of the UPI market in India. The UPI is based on the IMPS platform, in which, users have the flexibility to make the payment at any time and from anywhere.
Furthermore, along with having no restrictions on holidays and odd hours, bank strikes will also not affect the UPI payments. Users can instantly register and make instant fund transfer. Hence, such factors are expected to drive the growth of the UPI market in India during the forecast period.
Significant Trends - The growing emergence of mobile apps for shopping transactions
The growing emergence of mobile apps for shopping transactions is an emerging UPI market trend in India. When compared to websites, online shopping transactions are higher in mobile apps because of the increasing penetration of smart devices in the market. Furthermore, market vendors such as Google LLC, Paytm Payments Bank Limited, and Walmart Inc. offer mobile-based UPI apps. Some examples of UPI apps include GooglePay, PayTM, and PhonePe. Hence, trends like the growing emergence of mobile apps for shopping transactions are expected to drive the growth of the UPI market in India during the forecast period.
Key Challenges - UPI payment frauds
The UPI payment frauds challenge the growth of the UPI market in India. Misleading UPI handles, request money fraud, and phishing are some of the examples of UPI payment frauds that take place in the market.
For instance, in phishing, fraudsters send unauthorized links via emails or SMSs to the users, and once they click on such unauthorized links, the money gets transferred from their account to the fraudster's account. Hence, challenges such as fraud happening in the market can hamper the growth of the UPI market in India during the forecast period.
The unified payments interface (UPI) market in India report provides critical information and factual data, with a qualitative and quantitative study of the market based on market drivers and limitations as well as future prospects.
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What are the key data covered in this Unified payments interface (UPI) market in India report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the unified payments interface (UPI) market in India between 2022 and 2026
- Precise estimation of the size of the unified payments interface (UPI) market in India and its contribution to the market with a focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the unified payments interface (UPI) market across India
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of the unified payments interface (UPI) market vendors in India
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Unified payments interface (UPI) market Scope in India |
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Report Coverage |
Details |
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Base year |
2021 |
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Historic period |
2017-2021 |
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Forecast period |
2022-2026 |
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Growth momentum & CAGR |
Decelerate at a CAGR of 132.98% |
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Market growth 2022-2026 |
USD 65.49 trillion |
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Market structure |
Fragmented |
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YoY growth 2022-2023 (%) |
130.0 |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Alphabet Inc., Amazon.com Inc., Apple Inc., Axis Bank Ltd., Bank of Baroda, Bharti Airtel Ltd., Central Bank of India, Dreamplug Technologies Pvt. Ltd., HDFC Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Meta Platforms Inc., One MobiKwik System Pvt. Ltd., One97 Communications Ltd., Reliance Industries Ltd., Samsung Electronics Co. Ltd., South Indian Bank Ltd., State Bank of India, Union Bank of India, Walmart Inc., and Yes Bank |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of Contents
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 07: Parent market
- Exhibit 08: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 09: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 10: Market segments
- 3.3 Market size 2021
- 3.4 Market outlook: Forecast for 2021-2026
- Exhibit 11: Chart on India - Market size and forecast 2021-2026 ($ billion)
- Exhibit 12: Data Table on India - Market size and forecast 2021-2026 ($ billion)
- Exhibit 13: Chart on India: Year-over-year growth 2021-2026 (%)
- Exhibit 14: Data Table on India: Year-over-year growth 2021-2026 (%)
4 Five Forces Analysis
- 4.1 Five forces summary
- Exhibit 15: Five forces analysis - Comparison between 2021 and 2026
- 4.2 Bargaining power of buyers
- Exhibit 16: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
- 4.3 Bargaining power of suppliers
- Exhibit 17: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
- 4.4 Threat of new entrants
- Exhibit 18: Threat of new entrants – Impact of key factors in 2021 and 2026
- 4.5 Threat of substitutes
- Exhibit 19: Threat of substitutes – Impact of key factors in 2021 and 2026
- 4.6 Threat of rivalry
- Exhibit 20: Threat of rivalry – Impact of key factors in 2021 and 2026
- 4.7 Market condition
- Exhibit 21: Chart on Market condition - Five forces 2021 and 2026
5 Market Segmentation by Application
- 5.1 Market segments
- Exhibit 22: Chart on Application - Market share 2021-2026 (%)
- Exhibit 23: Data Table on Application - Market share 2021-2026 (%)
- 5.2 Comparison by Application
- Exhibit 24: Chart on Comparison by Application
- Exhibit 25: Data Table on Comparison by Application
- 5.3 Money transfers - Market size and forecast 2021-2026
- Exhibit 26: Chart on Money transfers - Market size and forecast 2021-2026 ($ billion)
- Exhibit 27: Data Table on Money transfers - Market size and forecast 2021-2026 ($ billion)
- Exhibit 28: Chart on Money transfers - Year-over-year growth 2021-2026 (%)
- Exhibit 29: Data Table on Money transfers - Year-over-year growth 2021-2026 (%)
- 5.4 Bill payments - Market size and forecast 2021-2026
- Exhibit 30: Chart on Bill payments - Market size and forecast 2021-2026 ($ billion)
- Exhibit 31: Data Table on Bill payments - Market size and forecast 2021-2026 ($ billion)
- Exhibit 32: Chart on Bill payments - Year-over-year growth 2021-2026 (%)
- Exhibit 33: Data Table on Bill payments - Year-over-year growth 2021-2026 (%)
- 5.5 Point of sale - Market size and forecast 2021-2026
- Exhibit 34: Chart on Point of sale - Market size and forecast 2021-2026 ($ billion)
- Exhibit 35: Data Table on Point of sale - Market size and forecast 2021-2026 ($ billion)
- Exhibit 36: Chart on Point of sale - Year-over-year growth 2021-2026 (%)
- Exhibit 37: Data Table on Point of sale - Year-over-year growth 2021-2026 (%)
- 5.6 Others - Market size and forecast 2021-2026
- Exhibit 38: Chart on Others - Market size and forecast 2021-2026 ($ billion)
- Exhibit 39: Data Table on Others - Market size and forecast 2021-2026 ($ billion)
- Exhibit 40: Chart on Others - Year-over-year growth 2021-2026 (%)
- Exhibit 41: Data Table on Others - Year-over-year growth 2021-2026 (%)
- 5.7 Market opportunity by Application
- Exhibit 42: Market opportunity by Application ($ billion)
6 Market Segmentation by Type
- 6.1 Market segments
- Exhibit 43: Chart on Type - Market share 2021-2026 (%)
- Exhibit 44: Data Table on Type - Market share 2021-2026 (%)
- 6.2 Comparison by Type
- Exhibit 45: Chart on Comparison by Type
- Exhibit 46: Data Table on Comparison by Type
- 6.3 P2P - Market size and forecast 2021-2026
- Exhibit 47: Chart on P2P - Market size and forecast 2021-2026 ($ billion)
- Exhibit 48: Data Table on P2P - Market size and forecast 2021-2026 ($ billion)
- Exhibit 49: Chart on P2P - Year-over-year growth 2021-2026 (%)
- Exhibit 50: Data Table on P2P - Year-over-year growth 2021-2026 (%)
- 6.4 P2M - Market size and forecast 2021-2026
- Exhibit 51: Chart on P2M - Market size and forecast 2021-2026 ($ billion)
- Exhibit 52: Data Table on P2M - Market size and forecast 2021-2026 ($ billion)
- Exhibit 53: Chart on P2M - Year-over-year growth 2021-2026 (%)
- Exhibit 54: Data Table on P2M - Year-over-year growth 2021-2026 (%)
- 6.5 Market opportunity by Type
- Exhibit 55: Market opportunity by Type ($ billion)
7 Customer Landscape
- 7.1 Customer landscape overview
- Exhibit 56: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
8 Drivers, Challenges, and Trends
- 8.1 Market drivers
- 8.2 Market challenges
- 8.3 Impact of drivers and challenges
- Exhibit 57: Impact of drivers and challenges in 2021 and 2026
- 8.4 Market trends
9 Vendor Landscape
- 9.1 Overview
- 9.2 Vendor landscape
- Exhibit 58: Overview on Criticality of inputs and Factors of differentiation
- 9.3 Landscape disruption
- Exhibit 59: Overview on factors of disruption
- 9.4 Industry risks
- Exhibit 60: Impact of key risks on business
10 Vendor Analysis
- 10.1 Vendors covered
- Exhibit 61: Vendors covered
- 10.2 Market positioning of vendors
- Exhibit 62: Matrix on vendor position and classification
- 10.3 Alphabet Inc.
- Exhibit 63: Alphabet Inc. - Overview
- Exhibit 64: Alphabet Inc. - Business segments
- Exhibit 65: Alphabet Inc. - Key news
- Exhibit 66: Alphabet Inc. - Key offerings
- Exhibit 67: Alphabet Inc. - Segment focus
- 10.4 Amazon.com Inc.
- Exhibit 68: Amazon.com Inc. - Overview
- Exhibit 69: Amazon.com Inc. - Business segments
- Exhibit 70: Amazon.com Inc. - Key news
- Exhibit 71: Amazon.com Inc. - Key offerings
- Exhibit 72: Amazon.com Inc. - Segment focus
- 10.5 Bharti Airtel Ltd.
- Exhibit 73: Bharti Airtel Ltd. - Overview
- Exhibit 74: Bharti Airtel Ltd. - Business segments
- Exhibit 75: Bharti Airtel Ltd. - Key offerings
- Exhibit 76: Bharti Airtel Ltd. - Segment focus
- 10.6 Central Bank of India
- Exhibit 77: Central Bank of India - Overview
- Exhibit 78: Central Bank of India - Business segments
- Exhibit 79: Central Bank of India - Key offerings
- Exhibit 80: Central Bank of India - Segment focus
- 10.7 Dreamplug Technologies Pvt. Ltd.
- Exhibit 81: Dreamplug Technologies Pvt. Ltd. - Overview
- Exhibit 82: Dreamplug Technologies Pvt. Ltd. - Product / Service
- Exhibit 83: Dreamplug Technologies Pvt. Ltd. - Key offerings
- 10.8 Meta Platforms Inc.
- Exhibit 84: Meta Platforms Inc. - Overview
- Exhibit 85: Meta Platforms Inc. - Business segments
- Exhibit 86: Meta Platforms Inc. - Key news
- Exhibit 87: Meta Platforms Inc. - Key offerings
- Exhibit 88: Meta Platforms Inc. - Segment focus
- 10.9 One97 Communications Ltd.
- Exhibit 89: One97 Communications Ltd. - Overview
- Exhibit 90: One97 Communications Ltd. - Product / Service
- Exhibit 91: One97 Communications Ltd. - Key offerings
- 10.10 Samsung Electronics Co. Ltd.
- Exhibit 92: Samsung Electronics Co. Ltd. - Overview
- Exhibit 93: Samsung Electronics Co. Ltd. - Business segments
- Exhibit 94: Samsung Electronics Co. Ltd. - Key news
- Exhibit 95: Samsung Electronics Co. Ltd. - Key offerings
- Exhibit 96: Samsung Electronics Co. Ltd. - Segment focus
- 10.11 Walmart Inc.
- Exhibit 97: Walmart Inc. - Overview
- Exhibit 98: Walmart Inc. - Business segments
- Exhibit 99: Walmart Inc. - Key news
- Exhibit 100: Walmart Inc. - Key offerings
- Exhibit 101: Walmart Inc. - Segment focus
- 10.12 Yes Bank
- Exhibit 102: Yes Bank - Overview
- Exhibit 103: Yes Bank - Business segments
- Exhibit 104: Yes Bank - Key offerings
- Exhibit 105: Yes Bank - Segment focus
11 Appendix
- 11.1 Scope of the report
- 11.2 Inclusions and exclusions checklist
- Exhibit 106: Inclusions checklist
- Exhibit 107: Exclusions checklist
- 11.3 Currency conversion rates for US$
- Exhibit 108: Currency conversion rates for US$
- 11.4 Research methodology
- Exhibit 109: Research methodology
- Exhibit 110: Validation techniques employed for market sizing
- Exhibit 111: Information sources
- 11.5 List of abbreviations
- Exhibit 112: List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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