6wresearch logo

India Mobile Wallet Market will Surpass $11 Billion By 2022: 6Wresearch

April 01, 2016

India has emerged as one of the fastest growing mobile wallet markets in the Asia Pacific region. In financial year 2014-15 alone, m-wallet transactions registered a swashbuckling growth of more than 130% as compared to previous year. Thanks to increasing penetration of smartphones & tablets, gaining consumer confidence and surging mobile internet subscribers are providing necessary boost to the market.

According to 6Wresearch, India's Mobile Wallet Market is projected to reach $11.5 billion by 2022. In the forecast period, the growth of the market is much dependent on spreading awareness to the potential customers, RBI regulations, shift towards mobile transactions especially in Tier 2 cities and Government of India's visionary 'Digital India' project.

According to Rajat Kharbanda, Senior Consultant, Research and Consulting, 6Wresearch," In the last two years, many players have entered into this arena and more are expected to enter in the coming years. With surging strategic partnerships of e-commerce giants with mobile wallet players, market is expected to attain new heights. Further, radio taxi players such as OLA and Uber have enabled payment through mobile wallet to offer cashless drive to its customers."

"The key revenue generating applications in India's mobile wallet market include- money transfer, recharge, bills payments and ticketing, where recharge application has captured key share of the market pie. Recharge has led the market owing to small value of the transactions; however, over the next six years, tremendous growth in money transfer, bill payments and ticketing segment can be anticipated. With expected new RBI regulation for Non-KYC to increase wallet limit, market would further grow through the forecast period," Rajat further added.

According to Shefali Goel, Research Associate, Research and Consulting, 6Wresearch, "Amongst all verticals, telecom & broadcasting and banking are the leading revenue generating verticals in India's mobile wallet market. Extensive usage of mobile wallet to recharge the mobiles phones and DTH platform has contributed for these verticals market dominance."

"Mobile wallet is majorly used on the smart devices such as smartphones and tablets, accounting for more than 80% of the mobile wallet transactions followed by desktop PC. Also, Tier 2 cities in India are expected to witness major growth during 2016-22, due to the growing penetration of smartphones and mobile internet subscribers," Shefali concluded.

Some of the players in India's Mobile wallet market include- Paytm Mobile Solution Pvt Ltd, One MobiKwik System Pvt Ltd, ItzCash Card Limited, Citrus payment solution Pvt Ltd, PayUMoney, Oxygen Services (India) Pvt Ltd., Vodafone M-Pesa Limited, My Mobile Payment Limited, Airtel M-Commerce Services Limited, and MMP Mobi Wallet Payment Services Limited.

"India's Mobile wallet Market (2016-2022)" provides in-depth analysis with 53 figures and 3 tables covered in more than 100 pages. The report estimates and forecast overall India's Mobile Wallet market by revenue, total transactions and verticals such as telecom & broadcasting, banking, transportation, utilities and retail. Applications covered in the report are namely, recharge, money transfer, bill payment, ticketing and others. Report further specifies market revenues by operating device types and further segregates market by tier-1, 2 and 3 cities. The report also gives the insights on competitive landscape, company profiles, market drivers and restraints.

Media Source: The Hhans India

      Browse More Report

India Power & Distribution Transformer Market (2017-2022)

Market Forecast by Types (Power Transformer and Distribution Transformer), Power Rating (Power Transformer (5.1 MVA – 50 MVA, 50.1 MVA – 160 MVA, 160.1 MVA – 350 MVA and Above 350 MVA) and Distribution Transformer (Up to 100 kVA, 100.1 – 315 kVA and 315.1 – 5 MVA)

Read More

India Output Management Software Market for SME Segment (2016-2022)

Market Forecast by Segments (On-Premise Output Management Software and Cloud Output Management Software), Regions (Northern, Southern, Eastern and Western) and Competitive Landscape)

Read More

Saudi Arabia Construction Equipment Market (2017-2022)

Market Forecast by Equipment Types (Mobile Crane, Earthmoving Equipment (Motor Grader, Excavator and Loaders), Material Handling Equipment (Telescopic Handlers and Forklifts), Aerial Work Platform (Articulated Boom Lifts, Telescopic Boom Lifts and Scissor Lifts)

Read More

India Package Substation Market (2017-2023)

Market Forecast by Types (11KV, 33KV, 66 KV and 132KV), Verticals (Residential, Industrial, Infrastructure & Transportation, Commercial and Power Utilities), Regions (Northern, Southern, Western and Eastern) and Competitive Landscape

Read More

India Air Purifier Market (2017-2023)

Market Forecast by Markets Covered by Segments (Car and Room), Types (Type I: HEPA + Carbon, Type II: HEPA + Carbon + Ionizer, Type III: HEPA + Carbon+ UV, Type IV: HEPA + Carbon + Electrostatic, Type V: HEPA + Carbon + Ionizer+ UV + Electrostatic

Read More

India Video Surveillance Storage Market, CY H1 2016

According to 6Wresearch, India VSS (DVR and NVR) market reached over 0.64 Million units in CY H1 2016. CP-Plus led the market with more than 35% share followed by Hikvision and Dahua.

Read More

India Digital Signage Market (2016-2022)

Market Forecast by Components (Display Screens, Content Players and Software), Display Screens (Single Screen, Video Walls/Multi-Screens and Kiosks), Display Screen Technologies (LCD, LED, OLED and QLED), Display Screen Size

Read More

India Digital Camera Market, CY H1 2016

According to 6Wresearch, India Digital Camera market shipments reached over 0.3 Million units in CY H1 2016. Compact Digital camera market registered a significant decline

Read More


Our Key Clients
6wreserach client list