India Real-Time Payments Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

India Real-Time Payments Industry Overview

With consumer preferences changing rapidly, the market has become a lucrative option and thus, has attracted a huge amount of investments. Due to the huge growth potential, the market is moving towards fragmentation due to the new entrants. The service providers are engaging in partnerships to promote product innovation.

• June 2022 - WhatsApp has been offering Indian users USD 1.35 cashback and was allowed by the NPCI to expand its user base to 100 million, an incentive for the users to leverage WhatsApp Payments for sending money to family members, friends, and more.
• June 2022 - Unicorn Pine Labs Fintech from India Acquires API infrastructure provider Setu in a USD 70-75 Mn deal. After the deal completion, Setu will keep its brand identity, teams, business, and customers. Setu is an application programming interface (API) infrastructure provider that offers services across bill payments, savings, credit, and payments.
• March 2022 - PhonePe acquires GigIndia, to strengthen enterprise offerings. The acquisition will allow it to leverage GigIndia's network of freelance microentrepreneurs to help enterprises and corporates reach more customers and scale their distribution channels PhonePe is eyeing 2-3 more acquisitions this year to boost its tech and financial platform play. Individuals who are aware of the company's internal plans told ET on condition of anonymity.