Market Highlights
The India Retail Digital P2M Payment Aggregation Services market was valued at $1,815.2 billion in 2023 and is anticipated to grow at a CAGR of 14.54% from 2024 to 2034. The India Online P2M (Person-to-Merchant) Payment Aggregator Market refers to the ecosystem in which various digital payment services facilitate transactions between individuals (consumers) and merchants (businesses) in India. These payment aggregators act as intermediaries, enabling merchants to accept payments from customers through multiple payment methods such as credit/debit cards, digital wallets, UPI (Unified Payments Interface), and net banking.
For More Information : https://evolvebi.com/report/india-online-p2m-payment-aggregator-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
The market is characterized by rapid innovation and adoption of new technologies to enhance the payment experience, improve security, and expand the range of services offered to both consumers and merchants.
The COVID-19 pandemic had a significant impact on the India Online P2M Payment Aggregator Market. With lockdowns and social distancing measures in place, consumers and businesses turned to online transactions more than ever. This led to a surge in the use of digital payment methods, including UPI, digital wallets, and online banking. The pandemic caused a dramatic increase in e-commerce activities as people preferred shopping online to avoid physical stores. This, in turn, boosted the demand for payment aggregation services to facilitate online transactions. UPI saw exponential growth during the pandemic. The convenience and security of UPI payments made it a preferred method for both small and large transactions, further driving the P2M payment aggregator market.
For More Information : https://evolvebi.com/report/india-online-p2m-payment-aggregator-market-analysis-and-global-forecast-2023-2033-with-covid-impact-analysis/
Segmental Analysis
The India Online P2M Payment Aggregator Market has been segmented based on Type.
Based on Type, the India Online P2M Payment Aggregator Market is segmented into Cross-Border Payment and Local Payment. The Local Payment segment is anticipated to dominate the market.