India Mobile Wallet Market Is Expected To Grow Owing To Rising Shift Toward Online Platforms
Growing use
of contactless services on retail stores to drive the India mobile wallet
market.
According to
TechSci Research report, “India Mobile Wallet Market - By Region,
Competition, Forecast and Opportunities, 2029”, the India mobile wallet
market is growing at an impressive rate during the forecast period owing to the
surging use of mobile wallets in India similar to the USA, the UK as well as
China. Virtual mobile-based wallets are rising in popularity across the country
as they help in enhancing the speed of transactions. Earlier, mobile wallets
such as Paytm, PhonePe, and GooglePay could only make payments on e-commerce
platforms. However, the technology has now entered low-value day-to-day use at
supermarkets, grocery stores, street vendors, and gas stations. The India
mobile wallet market is also predicted to grow at a fast rate due to rising
smartphone penetration and upgraded telecom and payment infrastructure.
Moreover, even
before the COVID-19 outbreak started; more people were using digital payments.
Although the transformation has been accelerated by Reserve Bank initiatives
and the added push provided by the pandemic, there has been a significant rise
in contactless and online payments. All businesses that depend on or
participate in the payment’s ecosystem must have an effective digital payments
strategy and operations. Numerous Indians might practise social distancing when
making purchases due to the contactless nature of digital means made possible
by modern technologies and legislative flexibility. The acceptance of digital
payments by small businesses is another important development. Data shows a
greater than 100% increase in digital payment acceptance by merchants over the
previous two years.
Increasing
numbers of NFC-capable phones and mobile point of sale (POS) devices
Through the use
of mobile-proximity payment and near field communication (NFC), mobile wallet
technology offers convenience. This provides individualized services for online
buying and payment needs. The NFC-enabled device makes it easier for customers
to make purchases at the closest point of sale without having to carry cash or
wait in line for a long time. Customers' convenience in managing and accessing
their payment accounts creates an opportunity for the market to expand.
Additionally,
features such as low-cost smart phones and the use of NFC technology in
consumer cell phones and POS terminals will have a beneficial impact on the
development of the mobile wallet business in the near future.
The India
Mobile Wallet Market is divided into type, technology, ownership, and
application. Based on type, the market is divided into semi-Closed, open, and
closed. Based on technology, the market is segmented into quick response (QR)
codes, near field communication (NFC), magnetic secure transmission (MST), and
others. Based on ownership, the market is segmented into telecom operators,
device manufacturers, tech companies, and banks. Based on application, the
market is segmented into entertainment & travel, bill payments, food & drinks,
groceries, peer-to-peer transfer, and others. In terms of regional analysis,
the India mobile wallet market is segmented into Eastern, Northern &
Central, Western, and Southern. The Central Region is dominant as most of the
market players are present in this region.
The near field
communication (NFC) segment of the mobile wallet industry in India is driven by
the country's subscribers' growing use of contactless payments due to the
technology's ease of use. A key reason driving the category revenue is the added
security offered by NFC-enabled mobile wallets. By using message authentication
measures, near field communication creates a secure channel of communication
between point-of-sale (POS) and end-user devices. The near field communication
technology is raising business revenues and consumer satisfaction.
Consumers can
now make both small and large payments utilizing mobile devices due to the near
field communication technology's rapid advancement. Additionally, it is
projected that the growing demand for convenience and the desire to minimize
the cost of ownership will contribute to the growth of the India mobile wallet
market during the forecast period.
Key market
players in the India mobile wallet market include:
- One97
Communications Paytm
- Google
Payment India Private Limited
- BHIM
Axis Pay Axis Bank Ltd
- PhonePe
Account Aggregator Pvt Ltd
- One
MobiKwik Systems Private Limited
- Yono
(SBI)
- Citi
MasterPass
- ICICI
Pockets
- HDFC
PayZapp
- Amazon
Pay
Customers
can also request for 10% free customization on this report.
“Luxury
shopping is steadily growing in popularity in India's retail sector. As travel
has become more restricted and offline shopping has lost its appeal,
established businesses in India have emerged as the new opulent haven for
buyers of fashion. Sales of luxury online retailers' products have surged as a
result of the move from traditional retail to online commerce; yet buyers
continue to be interested in trying out novel delivery systems for rare and
expensive items. For instance, the Indian e-commerce sector is predicted to
reach USD 200 billion by 2026, according to IBEF. Indian consumers with access
to the internet have a sizable appetite for foreign goods and brands, which has
resulted in sizable orders for warehouses to accommodate the rise in general
merchandise quantities. Such an increase in online purchasing is driving the
India mobile wallet market” said Mr. Karan Chechi, Research Director with
TechSci Research, a research-based global management consulting firm.
“India
Mobile Wallet Market– Segmented By Type (Semi-Closed, Open, Closed), By
Technology (Quick Response (QR) Codes, Near Field Communication (NFC), Magnetic
Secure Transmission (MST), Others), By Ownership (Telecom Operators, Device
Manufacturers, Tech Companies, Banks), By Application (Entertainment &
Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer,
Others, By Region, Industry Size, Share, Trends, Opportunity and
Forecast, 2019-2029”, has
evaluated the future growth potential of the India mobile wallet market and
provides statistics and information on market structure, size, share, and
future growth. The report is intended to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges, and opportunities present in the India mobile
wallet market.
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