Mobile Wallet Market in India to Expand at 52.21% CAGR till 2023
According to a new Research On Global Markets report, the mobile wallet market in India is expected to expand at a compound annual growth rate (CAGR) of 52.21% till 2023, driven primarily by the growth of e-commerce, increased smartphone penetration, presence of payment banks and Unified Payment Interface (UPI) platforms in the region.
According to the report, the mobile wallet market in India is categorized into two segments, based on service and players. Based on service, the money transfer segment held a market share of 37.60% in 2017, closely followed by the recharge and bill payments segment with 29.71% market share. A considerable increase in the adoption of mobile wallet has been witnessed in India following the demonetization of INR 500 and INR 1,000 banknotes in November 2016. Mobile wallets came across as a smart and convenient method of tackling scarcity of liquid cash for the Indian consumers.
Based on players, the major players in the Indian mobile wallet market include Paytm, FreeCharge, MobiKwik, and others. Among them, Paytm emerged as the most used prominent player with 41.60% market share. The significant success of Paytm is mainly down to its high integration with the self-owned e-commerce platform (Paytm Mall), and acquisition of the latest payment banks license.
Availability of affordable smartphones is expected to propel growth of the Indian mobile internet industry, both in the urban and rural regions. Owing to the increased penetration of smartphones and the Internet, use of mobile wallets across the country is expected to pick up. Expansion in the usage of smartphones and mobile internet will enable high usage of mobile wallets across the country, according to Research On Global Markets.
Research on Global Markets tracks the performance of some of the major players operating in the mobile wallet market in India including Airtel Payments Bank Ltd., ANI Technologies Pvt. Ltd. (Ola Money), FreeCharge Payment Technologies Pvt. Ltd., HDFC Bank Ltd. (PayZapp), One MobiKwik Systems Pvt. Ltd., Oxigen Services (India) Pvt. Ltd., PayPal, Inc., Paytm Mobile Solutions Pvt. Ltd., PhonePe Pvt. Ltd., and Reliance Payment Solutions (JioMoney)
Key highlights of this report:
- Mobile wallet market - definition and structure
- E-payment solutions market size and growth forecast – value-wise (FY 2016-FY 2023e)
- Mobile wallet market in India segmentation (based on service and players)
- Key market trends
- Comprehensive analysis of the government initiatives in this market
- Key growth drivers of the market
- Key deterrents to the growth of the market
- Comprehensive analysis of the competitive landscape
This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for mobile wallets in India to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.