India Mobile Wallet Market to Grow at Over 50% through 2021
Growing
number
of smartphone users coupled with attractive discount offers and rising disposable income to drive mobile
wallet market in India through 2021
According to TechSci Research
report, “India Mobile Wallet Market By Application, By End User, Competition Forecast & Opportunities, 2012 - 2021”, mobile wallet market in India is
projected to exhibit a CAGR of over 50% during 2016-2021, on account of growing
online transactions,
increasing internet penetration coupled with rising trend towards mobile
banking. In 2016, India mobile wallet market observed a huge traction due to demonetisation
of the INR500 (USD7.33) and INR1000 (USD14.67) currency notes by the government.
In addition, government initiatives towards technological innovations by
introducing Unified Payment Interface expanded mobile wallet
market across the country. Further, Reserve Bank of India’s move to increase semi-closed
payment instrument limit from USD147.05 to USD294.15 is also anticipated to propel
growth in the country’s mobile wallet market during the forecast period.
Browse 28 market data Tables and 54
Figures spread through 164 Pages and an in-depth TOC on "India Mobile Wallet Market"
https://www.techsciresearch.com/report/india-mobile-wallet-market-by-application-payment-transfer-recharge-bill-payment-utilities-others-by-end-user-telecom-banking-transportation-retail-others-competition-forecast-and-opportunities/882.html
Growing use of digital platforms for fund transfer,
bill payments, recharging, etc., in urban as well as semi-urban areas is expected
to push growth of mobile wallets during the forecast period. In 2015, payment transfer
dominated India mobile wallet market and the segment is anticipated to maintain
its dominance over the next five years as well, on account of ease of sending money to anyone who has a phone number or
e-mail id at any point of time. Various
end use sectors, such as telecom, banking, transport and retail employ mobile wallet services to make financial transactions instantly.
Considering above reasons mobile wallets are expected to gain
momentum with even greater pace in India over the coming years.
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“Increasing
disposable income and rising e-commerce demand in tier I cities such as Delhi,
Mumbai, Kolkata, Bangalore, Pune, etc., is expected to fuel mobile wallet market
in India during the forecast period. Moreover, the
whole demonetization drive has significantly boosted adoption of mobile wallets, and this trend expected gain more momentum in the coming years.”,
said Mr. Karan Chechi, Research Director with TechSci Research, a research
based global management consulting firm.
“India Mobile Wallet Market By Application, By End User, Competition Forecast & Opportunities, 2012 - 2021” has
evaluated the future growth potential of India mobile wallet market and
provides statistics and information on market structure, size, share and future
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment evaluation. Besides, the report also
identifies and analyzes emerging trends along with essential drivers,
challenges and opportunities present in India mobile wallet market.
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