Unified Payments Interface (UPI) Market in India by Application and Type - Forecast and Analysis 2022-2026

Published: May 2022

Pages: 108

SKU: IRTNTR73450

Snapshot

The unified payments interface (UPI) market share in India is expected to increase to USD 65.49 trillion from 2021 to 2026, at a CAGR of 132.98%. The unified payments interface (UPI) market in India report also 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 among others. Furthermore, this unified payments interface (UPI) market in India research report extensively covers unified payments interface (UPI) market segmentation in India by:

Application - Money transfers, bill payments, point of sale, and others
Type - P2P and P2M

What will the Unified Payments Interface (UPI) Market Size in India be During the Forecast Period?

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Unified Payments Interface (UPI) Market in India: Key Drivers, Trends, and Challenges

The instant and smooth money transfer process is notably driving the unified payments interface (UPI) market growth in India, although factors such as UPI payment frauds may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the unified payments interface (UPI) industry in India. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Unified Payments Interface (UPI) Market Driver in India

One of the key factors driving growth in the unified payments interface (UPI) market in India is the instant and smooth money transfer process.
The UPI is based on the IMPS platform and the users have the flexibility to make the payment at any time and from anywhere. There is no restriction on holidays and odd hours. The bank strike will also not affect the UPI payments.
The UPI not only makes instant fund transfer, but the registration is also instant.
In the NEFT and IMPS methods of fund transfer, the user cannot transfer money just after doing the registration. There must be a cooling period that generally varies from 30 minutes to 24 hours. However, UPI does not need registration to make a payment. Users can simply add a beneficiary UPI Id and make payments. Hence, these factors are expected to drive the growth of the market during the forecast period.

Key Unified Payments Interface (UPI) Market Trend in India

The growing emergence of mobile apps for shopping transactions is a key unified payments interface (UPI) market trend in India that is expected to have a positive impact in the coming years.
Online shopping transactions are higher in mobile apps as compared to websites due to the increasing penetration of smart devices in the market. To capture these opportunities, vendors are trying to switch from websites to app-only services.
Mobile payments in countries such as India are growing faster as more consumers adopt online payments such as UPI amid the pandemic.
Vendors such as Google LLC, Paytm Payments Bank Limited, and Walmart Inc. offer mobile-based UPI apps such as GooglePay, PayTM, and PhonePe to users to make payments for shopping done by them via online or offline mode.
The growing emergence of mobile apps for shopping transactions is expected to drive the growth of the market during the forecast period.

Key Unified Payments Interface (UPI) Market Challenge in India

The UPI payment frauds will be a major challenge for the unified payments interface (UPI) market in India during the forecast period.
Some of the top UPI payment frauds doing rounds in India include:
- Misleading UPI handles - Fraudsters create deceptive handles with names such as NPCI, UPI, and BHIM to make users reveal their account details through a fake UPI application that leads to fraud.
- Request Money fraud - Users get trapped by hackers if they do not know that to receive money on a UPI platform, one does not need to scan either a QR code or enter the UPI pin. The hackers request to scan some QR codes and enter their UPI pin to receive a prize, resulting in fraud on the UPI platform.
- 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.
Frauds happening in the market can hamper the growth of the market during the forecast period.

This unified payments interface (UPI) market in India analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the unified payments interface (UPI) market in India as a part of the global specialized consumer services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the unified payments interface (UPI) market in India during the forecast period.

Who are the Major Unified Payments Interface (UPI) Market Vendors in India?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

This statistical study of the unified payments interface (UPI) market in India encompasses successful business strategies deployed by the key vendors. The unified payments interface (UPI) market in India is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

amazon.com - The company offers Amazon Pay for Business which is the one-stop destination for all the payments.
amazon.com - The North America segment includes retail sales of consumer products and subscriptions through North America-focused online and physical stores. The segment also includes export sales from these online stores.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The unified payments interface (UPI) market in India forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Unified Payments Interface (UPI) Market in India Value Chain Analysis

Our report provides extensive information on the value chain analysis for the unified payments interface (UPI) market in India, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

What are the Revenue-generating Application Segments in the Unified Payments Interface (UPI) Market in India?

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The unified payments interface (UPI) market share growth in India by the money transfer segment will be significant during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the unified payments interface (UPI) market size in India and actionable market insights on post COVID-19 impact on each segment.

Unified Payments Interface (UPI) Market Scope in India
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Decelerate at a CAGR of 132.98%
Market growth 2022-2026	$65.49 tn
Market structure	Fragmented
YoY growth (%)	130.0
Regional analysis	India
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
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
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, and Market condition analysis for the forecast period.
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.

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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 2022-2026
Detailed information on factors that will drive unified payments interface (UPI) market growth India during the next five years
Precise estimation of the unified payments interface (UPI) market size in India and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the unified payments interface (UPI) industry in India
A thorough analysis of the market's competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of unified payments interface (UPI) market vendors in India

We can help! Our analysts can customize this report to meet your requirements. Get in touch

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

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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