India UPI Apps Market Trend, Size, Companies, Top Player, and Outlook 2024 to 2030

Amit Kumar

2 months ago

Read Time:6 Minute, 9 Second

Markntel Advisors’ report, India UPI Apps Research Report: Trend, Business Growth, Size, Future Scope, Segmentation, Dynamics, and Forecast to 2030, offers a comprehensive guide for the growing industry. The expert team of analysts dedicated significant effort to gathering and evaluating the latest market data, resulting in a detailed and up-to-date report that offers valuable insights for individuals who rely on data-driven decisions, including business owners and analysts. The research report on the India UPI Apps presents well-researched facts and figures pertinent to the industry, whether the goal is to explore new markets, launch a new product, or maintain a competitive advantage.

India UPI Apps Market Research Report & Market Summary:

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. The India Unified Payments Interface (UPI) Apps Market has various factors presenting robust growth. Government initiatives like Digital India and financial inclusion programs accelerated digital payment solutions i.e. UPI Apps. Additionally, the ongoing adoptions of smartphones and 5G technologies across urban and rural areas of India, have significantly provided a wide range of UPI users. This increasing demand for contactless transactions makes the use of UPI easy by linking multiple bank accounts to a single UPI ID hence augmenting market growth & expansion.

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Table of Contents

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India UPI Apps Market Dynamics:

Key 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.

India UPI Apps Market Segmentation Analysis:

According to MarkNtel study the market is segmented into the following categories:

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

Among the two types of payments in the India UPI Apps Market Peer-to-Merchant (P2M) payments segment is anticipated to seize the largest market share.

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

The Money Transfer segment emerges as the major application segment in the UPI Apps Industry in India. This segment includes both peer-to-peer (P2P) transactions and peer-to-merchant (P2M), where P2P is used to transfer money directly to friends or family, and peer-to-merchant (P2M) transfers for various payments made to different merchants.

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.

As indicated in the latest market research report published by Markntel Advisors, “India UPI Apps Research Report: Forecast (2024-2030)”, this report offers a detailed analysis of the industry, featuring insights into the India UPI Apps industry. It encompasses competitor and geographical analyses, as well as recent advancements in the market.

Browse Full Report Along with TOC and Figures – https://www.marknteladvisors.com/research-library/india-upi-apps-market.html

Top Companies Operating in the India UPI Apps Market:

PhonePe
Google Pay
Paytm
BHIM App
Amazon Pay
MobiKwik
CRED
Axis Pay
iMobile Pay
PayZapp
Freecharge

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Key Report Highlights:

Market Dimensions & Projections
Pricing Evaluation,
Recent Strategic Moves by Companies,
Primary Stakeholders,
Analysis of Import and Export Trends,
Competitive Landscape Assessment,
Emerging Opportunities,
Market Trends and Indicators

Note – If there are any particular details you need that are not currently included in the report, we will be happy to provide them as part of our customization services.

Frequently Asked Questions (FAQs)-

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What are the trends influencing the current scenario of the market?
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Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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