Indian Payment Gateway Market 2025 by Types, Application, Technology, Opportunities, End Users and Regions

India Payment Gateway Market to 2025 - Country Analysis and Forecasts by Type (Hosted Payment Gateway, Non-Hosted Payment Gateway, Direct Payment Gateway and Platform Based Payment Gateway); and Organization Size (Small & Medium Enterprise and Large Enterprise)

Publication Month : Mar 2018

  • Report Code : TIPTE100000835
  • Category : Technology, Media and Telecommunications
  • Status : Published
  • No. of Pages : 96
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India Payment Gateway market is expected to grow from US$ 446.9 Mn in 2017 to US$ 1,708.1Mn in 2025 at a CAGR of 19.3% between 2018 and 2025.



Payment Gateway Services enable the merchants to accept payments online with Credit Cards or Debit Cards. It is the technology that links merchant website to its processing network and merchant account. Rayzorpay, Paypal, CCAvenue, Instamojo and EBS are among the major players operating in this market. Over the years, digital payment industry in India has witnessed several initiatives both by the government and merchants, in order to promote the growth of digital payments in India. The e-commerce industry is well aware that payment gateway is the most crucial factor for their success in the business as it provides safe, reliable, secure and swift payment to their customers to make online payments.

The report focuses on an in-depth segmentation of this Payment Gateway Market based on type, and organization size. By type the market is further segmented into hosted, non-hosted, direct and platform based.  Hosted payment gateway segment dominates the market due to merchants seeking for quick installation of payment gateway solution on their website. By organization size the market is further segmented into SMEs (Small and Medium Enterprises) and large enterprises. Large enterprises account for majority market share due to the high transaction volume and value due to which contribute major revenue share of payment gateway aggregators in India.

The Payment Gateway Market report aims to provide an overview of India payment gateway market with detailed market segmentation. Also, it analyzes the current payment gateway market scenario and forecasts the market till 2025 in India. The report covers market dynamics effecting the market during the forecast period. Furthermore, the report analyzes the competitive scenario, trends, and opportunities in the markets with respect to India. The report also includes the detailed company profiles of the key players in the market along with their market strategies. The report also provide PEST analysis of the country along with the SWOT analysis for all company profiled in the report.

India comprises of approximately 15% of global populations, out of with 58% are the youth. Having such a massive ratio of the young population the payment methods in the country are transforming tremendously. The cash usage in India is declining continuously, in the year 2017, the cash usage marginally declined by 33% and is anticipated to further come down to 29% in the coming years. Whereas, the digital payment methods including card transactions have risen to 36% in 2017 from 34% in the previous year. Some of the key players of India payment gateway market include Razorpay Software Pvt. Ltd., PayPal Payments Pvt. Ltd., PayUMoney, BillDesk, CCAvenue, Ingenico Group (EBS), Instamojo Technologies Pvt Ltd., One Mobikwik Systems Pvt. Ltd, TimesofMoney Ltd., CyberSource, HDFC Payment Gateways, Oxigen Services(India) Private Limited., MASTERCARD Gateways ( MIGS) among others.

Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

This text is related
to segments covered.

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

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to country scope.

The List of Companies

1. Razorpay Software Pvt. Ltd.
2. PayPal Payments Pvt. Ltd
3. PayUMoney
4. BillDesk
5. CCAvenue
6. Ingenico Group (EBS)
7. Instamojo Technologies Pvt Ltd.
8. One Mobikwik Systems Pvt. Ltd
9. TimesofMoney Ltd.
10. CyberSource
11. HDFC Payment Gateways
12. Oxigen Services(India) Private Limited.
13. MASTERCARD Gateways ( MIGS)

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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