Unified Payments Interface (UPI) Market Scope
The Unified Payments Interface (UPI) is a system that combines many banking services, smooth fund routing, and merchant payments into a single mobile application (of any participating bank). The Unified Payments Interface (UPI) is a real-time payment system designed by the National Payments Corporation of India (NPCI) that allows both interbank peer-to-peer (P2P) and person-to-merchant (P2M) transactions. The Reserve Bank of India (RBI) regulates the interface, which works by instantaneously moving payments between two bank accounts on a mobile platform.
The Unified Payments Interface (UPI) market study is segmented and major geographies with country level break-up.
The major key player Google Pay, PhonePe, Paytm, and MobiKwik are daily facing new market challenges and they contribute their share for increasing the business. Mergers and acquisitions, expansions, investments, new service launches, and collaborations are some of the companies' preferred market-exploration strategies. The company is contributing its share to increasing the company’s growth.
Google Pay (United States), PhonePe (India), Paytm (India), MobiKwik (India), Amazon Pay (United States), Samsung Pay (United States), Axis Pay (Egypt), Uber (United States), SBI Pay (India) and Chillr (India) are some of the key players that are part of study coverage.
The research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a
preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
AMA Research has segmented the market of Global Unified Payments Interface (UPI) market by Type, Application and Region.
On the basis of geography, the market of Unified Payments Interface (UPI) has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico).
In May 2021, Google announced that Google Pay for Wear OS will be offered in 26 additional countries where Google Pay for Android had previously been the only option. The existing Google Pay app has been deprecated and abandoned in the United States, and the peer-to-peer payment capability has been removed from the existing app and website.
- Increasing Innovation and Flexible Product Polices
- Increasing Demand for E-Banking and Online Payment Systems
- Increasing Use of the Internet and Increasing Digitization for Payment Process
- Growing Demand for Time Management UPI Services Gives Quick Service without Going Outside
- High Growth Industry
- Increasing vendors, relationships like FedEx in a developing country
- Strict Government Regulation
- UPI Services has a Transaction Limit
- Numerous Competitors in the Same Space
- Increasing Online Platforms around the Globe
Key Target AudienceUPI Developers and Testers, Industry Association, Downstream Vendors, Marketing & Consulting firms, Venture Capitalists, Government & Regulatory Bodies and Investors
Frequently Asked Questions (FAQ):
1. Is it possible to have certain customization in the study?
The Study can be customized to meet your requirements. Please connect with our representative, who will ensure you get a study that suits your business objectives.
2. How big is the Unified Payments Interface (UPI) Market?
Yes, the study does represent market size by key business segment, application/end users and major geographies forecasted till 2027.