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India Cashfree Payments Market to grow at a CAGR of 18.70% between 2021 and 2032
Published : May 2022

According to a market report, published by Sheer Analytics and Insights, The India cashfree payments market was valued at $30.3 billion in 2021 and it is expected to reach $270.9 billion at a CAGR of 18.70% between 2022 and 2032. Cashfree payment is a powerful and scalable payment created for business payment needs. Through this process, one can collect payments, send payouts, manage national and international payments and do more. This system helps people to pay their vendors, do customer refunds, disburse salaries, and more. A cash-free payment system is one of the fastest and easiest ways to transfer money from one bank to another bank account, UPI ID, Paytm, or Amazon Pay Wallet instantly; even people can transfer or receive money on holiday. Factors such as increasing usage of the digital platform, increasing mobile phones and applications, and cash-free payments have been merchants from e-commerce and financial services sectors are leading the growth of the cash-free payments market across India. Moreover, the cash-free payments disbursal platform is helping thousands of merchants in making more than 2 billion disbursals a day to beneficiaries. Hence, these are expected to drive India's cash-free payments market during the forecast period from 2022 to 2032. 

In India, an application programming interface (API) banking company has rolled out highlighting the importance of SoftPoS which can reportedly help in adding new digital payments. Thus, with this SoftPoS, a simple application and software development kit can produce an easily distributed and cost-effective payments acceptance infrastructure. In India, the cash-free payments system is working with all the leading banks such as ICICI Bank, Kotak Mahindra, Yes Bank, and HDFC Bank, among others to create the core payments and banking infrastructure that benefits a large number of customers to purchase any products or assets without cash. Additionally, this system is further integrated with major platforms such as Wix, Paypal, Amazon Pay, Ola Money, Google Pay, and Shopify, among others. Hence, this banking system, mobile applications, and digital platforms are estimated to propel the growth of the Indian cash-free payments market in the upcoming years. 

Request a Sample Copy of Report: https://www.sheeranalyticsandinsights.com/request-sample/india-cashfree-payments-market-21

The cash-free payment solutions are enabling various businesses in India to collect payments and make payouts through available processes with simple and easy integration. Furthermore, it is offering an advanced and simple way to integrate a payment gateway, a split payment solution for customers and marketplaces, bank account verification API, and automatically collet to match inbound payments to Indian customers. However, apart from India, this cash-free payment is widely used in other various countries such as the U.S, Canada, UAE, and the U.K, among others. Hence, this has propelled the market growth due to the increasing usage of digital platforms for cash-free money transactions. Moreover, in India, the cash-free payments companies are planning to further accelerate hiring to double the workforce to more than eight hundred employees in the second half of 2022, which is estimated to benefit the market during the upcoming years. 

According to the study, key players dominating the Indian cashfree payments market are ACI Worldwide (U.S), Aurus Inc (India), Apple Inc (India), Alphabet Inc (U.S), Amazon Pay (U.S), Adyen (Netherlands), Alipay (China), BillDesk (India), BharatPe (India), Global Payments Inc (U.S),  ICICI Bank (India), Instamojo (India), MasterCard (U.S), Novatti Group (Australia), One97 Communications (India), PayPal Holdings (Inc), Pine Labs (India), RazorPay (India), Stripe (U.S), Sage Pay Europe Limited (U.K), Vista Equity Partners (U.S), Visa Inc (U.S), WeChat Pay (China), WEX Inc (U.S), Walmart (U.S), among others. 

India Cashfree Payments Market Has Been Segmented Into:

India Cashfree Payments Market – by Payment Type:

  • Digital Currencies
  • Bank Cards
  • Digital Wallets
  • Net Banking
  • Points of Sales
  • Others

India Cashfree Payments Market – by Enterprise Type:

  • Small and Medium Enterprises
  • Large Enterprises

India Cashfree Payments Market – by End-User Type:

  • BFSI
  • Healthcare
  • Media and Entertainment
  • Retail and E-Commerce
  • Transportation
  • Others

India Cashfree Payments Market – by Regions:

India

  • East
  • West
  • North
  • South

Browse The Full Report at https://www.sheeranalyticsandinsights.com/market-report-research/india-cashfree-payments-market-21

 

 

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