The market is forecast to reach USD 4.4 billion by 2022, with a CAGR of over 148% during 2017-22.
The mobile wallet market registered whopping growth, with a CAGR of 48.85% during review period of 2012-16. The market advanced on the back of rising smartphone ownership, surging internet penetration, increasing disposable income and convenience associated with such services.
The market is forecast to gain immensely during forecast period of 2017-22, due to Government's decision to demonetize INR 500 and INR 1000 currency notes and focus to make India a cashless and digital economy. This will help the industry and directly benefit companies like Paytm, FreeCharge, Oxigen and others.
In 2016, every category like money transfer, recharge, and utility bill payment recorded strong growth due to an array of benefits like cashback offers offered by these mobile wallet companies. Market also gained due to companies' increased focus to promote the adoption of mobile wallets by all the players.
As far as competitive landscape is concerned, mobile wallet market is a fragmented market with tens of players, wherein top three players account for over 60% of the market in value terms. Besides, mobile wallet companies are offering wide range of offers, like discounts and cashback offers to promote mobile wallets' usage for booking movie tickets, paying utility bills and booking air tickets.
This factor has also contributed towards increasing demand of mobile wallets in the country.
India Mobile wallet Market Analysis, Forecast and Opportunities, 2016-2022 elaborates the following aspects of market in the country:
- India Mobile Wallet Market Size by Value, Share & Forecast
- Segmental Analysis - By Category (Money Transfer, Recharge, Utility & Others ) By Company and By Region