The market for mobile wallets in India is projected to grow at a CAGR over 50% during 2016 - 2021. Evolving technologies, secure authentication process, rising adoption of online payments and growing e-commerce transactions are anticipated to significantly boost India mobile wallet market in the coming years. Banking sector accounted for the largest end use sector in the country's mobile market in 2015, followed by retail, telecom and transportation sectors.
India mobile wallet market is witnessing growth over the past few years due to fast and secure transactions, increasing urbanization and rising government initiatives such as Unified Payment Interface and RBI initiative for increasing mobile wallet limit in India.
The companies involved in providing mobile wallets are predominantly focusing on increasing ease of use and security features in m-wallet transactions. Payment transfer accounted for the largest value share in India in 2015 on account of increasing number of net banking and mobile banking transactions, coupled with increasingly tech savvy consumer base, which is embracing this technology with open arms.
Northern region accounted for the maximum number of mobile wallet users, owing to highest number of retail stores choosing payment through mobile wallets in the region's Tier I, Tier II & Tier III cities. Few of the major companies in India mobile wallet market include One97 Communications, One Mobikwik, ItzCash, Oxigen, among others.
India Mobile Wallet Market:
India Mobile Wallet Market Size, Share & Forecast
Segmental Analysis: By Application (Payment Transfer, Recharge & Bill Payment, Utilities and Others) and By End User (Telecom, Banking, Transportation, Retail and Others)
Changing Market Trends & Emerging Opportunities
Policy & Regulatory Landscape
Voice of Customers (End Users)
Competitive Landscape & Strategic Recommendations
Market Trends & Developments
Unification of Online & Offline Market
Adoption of Prepaid Payment Instruments (PPI)
Government's Growing Focus Towards Security and Authentication
Utilization of Mobile Wallets by Non-Smartphone Users for Cashless Transactions
High Spending on Advertisements by Leading Players for Promotional Activities