Press Release

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.


Browse over XX market data Figures spread through XX Pages and an in-depth TOC on the "India Mobile Wallet Market


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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