MarkNtel Advisors analyses the growth rate of the India UPI Apps market in the forecast period from 2024 to 2030. In addition to comprehensive market insights such as market value, growth rate, market segmentation, key market players, and market dynamic. This detailed analysis aims to provide valuable information for stakeholders in the India UPI Apps market, helping them make informed decisions.

Market Outlook – 2024-2030:

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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Key Company Profiles

This report explores recent significant developments in the India UPI Apps Market, focusing on the leading companies and their innovative profiles. The major players in the India UPI Apps Market, featured in this report, include:

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

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Market Segmentation & Coverage

This research report by MarkNtel Advisors categorizes the India UPI Apps Market to forecast revenues and analyse trends across each of the following sub-markets:

  • 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

The Money Transfer segment emerges as the major application segment in the UPI Apps Industry in India.

  • 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

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What are the primary factors driving the growth of the India UPI Apps market?

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.

Key Questions Addressed:

  1. Market Size and Growth Projections: What is the current size of the market, and how is it expected to grow?
  2. Investment Opportunities: Which products, segments, and regions present the most attractive investment opportunities?
  3. Technology Trends and Regulatory Influences: What are the prevailing technology trends and regulatory factors influencing the market?
  4. Competitive Ranking: How do top vendors rank regarding market share and competitive positioning?
  5. Revenue Sources and Strategic Opportunities: What revenue sources and strategic opportunities guide vendors' market entry or exit decisions?

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