India Mobile Wallet Market to Reach US$ 6.6 Billion by 2020
Expanding smartphone user base and rising mobile internet penetration to propel growth in India mobile wallet market
According to TechSci Research report, “India Mobile Wallet Market Opportunities and Forecast, 2020”, mobile wallet market in India is projected to reach US$ 6.6 billion by 2020. The mobile wallet market in India is projected to exhibit exponential growth during the forecast period, on account of rising smartphone penetration rate, growing mobile internet user base, and increasing government support. In addition, mobile wallet companies operating in India are also offering attractive deals and incentives to attract new users. In recent years, wallet companies have increasingly formed collaborations with service providers and financial institutions to offer a robust and seamless mobile wallet platform to the users. Usage of mobile wallet is growing across various applications such as money or banking transactions, mobile recharge & bill payments, ticket bookings, utility applications, etc. In addition, approval of payment bank licences of major companies such as Paytm, Vodafone, Airtel, etc. is projected to drive growth in the number of banking transactions through mobile wallet over the next five years.
One97 Communication Limited, ItzCash Card Ltd., and One MobiKwik Systems Pvt. Ltd., are few of the major players operating in India mobile wallet market. Companies such as One97 Communications Ltd. (Paytm), MobiKwik etc., are investing in advertisements to promote mobile wallet concept across the country. In 2014, Northern and Western regions of India accounted for maximum number of mobile wallet users as well as transactions across the country. With expanding smartphone user base and rising awareness regarding the benefits of using mobile wallets in Eastern and Southern regions of the country, the country’s mobile wallet market is forecast to witness robust growth during the forecast period. Leading telecom operators in India such as Airtel, Vodafone, Idea, etc. have also entered into the mobile wallet market space, which would help subscribers make convenient payments, and thereby have a positive impact on the market over the next five years.
“A large number of banking, financial services and insurance, and telecom companies have entered into the mobile wallet market in India. Tier I cities such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., have been the early users of mobile wallet market for shopping, money transfer, mobile recharge and payments, etc. The mobile wallet trend is gaining momentum in Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc., as well on account of rising smartphone and mobile internet penetration rates”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Mobile Wallet Market Opportunities and Forecast, 2020” has evaluated the future growth potential of India mobile wallet market and provides statistics and information on market structure, size, share and trends. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in India mobile wallet market.