Indian Contactless Payment Market Size, Share & Forecast 2025

Posted by Rishabh on March 16th, 2020

Indian contactless payment market is anticipated to grow at a CAGR 17.4% during the forecast period. India is transforming into a digital nation with the adoption of internet services in the sectors of automotive, healthcare and manufacturing. With the service sector being the major contributor to the country’s economy, software services are playing a crucial role in the growth of the service sector. According to IBEF (India Brand Equity Foundation), India’s IT industry is growing exponentially with a growth rate of 30% annually.

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India has promising opportunities in the fin-tech sector and the growth is substantially high due to increasing cyber threats in the country. India is considered a potential market for the fintech sector due to the availability of large untapped informal economy and the government is also pushing the investments in the fin-tech sector in order to boost the contactless payment transactions.

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Reserve Bank of India (RBI) and the Indian Banks' Association (IBA) launched the National Payment Corporation of India (NPCI) in collaboration for payment and settlement infrastructure. Collaboration has launched BHIM (Bharat Interface for Money), an UPI (United Payments Interface) app for financial transactions.

The major companies that are active in the market include Gemalto NV, Giesecke & Devrient GMBH, Heartland Payment Systems, IBM CORP., Infineon Technologies AG, Valitor HF, Verifone Systems, INC, VISA, INC. and Wirecard AG.

Secondary Sources Include

• Financial reports of companies involved in the market.
• Whitepapers, research-papers, and news blogs.
• Company websites and their product catalog.

Market Segmentation

Indian Contactless Payment Market by Device

• Smartphones
• Smart Cards
• Point of Sale Terminals
• Other 

Indian Contactless Payment Market by End-User

• Retail
• BFSI
• Transportation
• Others

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