India Mobile Wallet Market (2023-2029) | Value, Forecast, Industry, Share, COVID-19 IMPACT, Growth, Size, Analysis, Trends, Companies & Revenue

India Mobile Wallet Market Highlights

Report Name	India Mobile Wallet Market
Base Year	2022
Historical Period	2019-2022
Forecast Period	2023-2029
Growth rate	46.7%
Report Coverage	Revenues & Volume, Market Trends, Drivers & Challenges, Market Forecast, Market Share
Segment Coverage	By Type, By Technology, By Application, By End User
Customization Scope	100% customized reports available along with reliable data. Moreover, you can alter the segments, countries, and regions according to your needs. For further details, you can contact our research expert at sales@6wresearch.com
Pricing and Purchase Options	Avail customization purchase option to know the exact pricing of your research needs

Topics Covered in the India Mobile Wallet Market

India Mobile Wallet Market report thoroughly covers the market by type, by technology, by application, and by end users. The market outlook report provides an unbiased and detailed analysis of the ongoing market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

India Mobile Wallet Market Synopsis

India Mobile Wallet Market is estimated to secure tremendous growth in the country on the back of the increasing adoption of mobile-based payment solutions and the government`s push towards a cashless economy. Mobile wallets offer convenient, secure, and contactless payment options for various transactions, including shopping, bill payments, and money transfers. The market`s growth is driven by factors such as the growing smartphone penetration, the demand for seamless and instant payment solutions, and the need for financial inclusion in rural areas.

According to 6Wresearch, the India Mobile Wallet Market size is estimated to secure a massive growth rate of 46.7% during the forecast period 2023-2029 and is anticipated to reach USD 429.6 billion. The India mobile wallet market is influenced by several drivers. Primarily, the rapid penetration adoption of mobile phones and mobile internet services in India creates a conducive environment for mobile wallet usage. The convenience and ease of making digital payments through mobile wallets drive the demand for mobile wallet services. Secondly, the government`s push towards a cashless economy and the increasing focus on digital financial inclusion contribute to the growth of the mobile wallet market. Additionally, the rise of e-commerce and online shopping trends create opportunities for mobile wallet usage in India, contributing to a massive growth of the mobile Wallet market in India. However, the market in India faces challenges such as cash reliability, security issues, and limited internet concerns, which can hinder the market from growing significantly. Nevertheless, the market is still growing tremendously with the Digital India initiative aimed to adopt digital transactions for fast and convenient payment.

COVID-19 Impact on India Mobile Wallet Industry

The COVID-19 disease significantly impacted the India mobile wallet market. With lockdowns as well as social distancing measures in place, there was a growth in digital transactions since people sought contactless payment alternatives in order to decrease physical interactions and this led to a notable rise in the adoption of mobile wallets across the nation. Consumers, both urban and rural, turned to mobile wallets for a number of transactions, including bill payments, and online shopping. The coronavirus disease served as a catalyst for the virtual payment ecosystem, motivating individuals to adopt the convenience and safety of mobile wallets. Businesses also recognized the significance of offering digital payment solutions in order to cater to transforming consumer behaviour. 

Key Players of the Market

The mobile wallet industry in India is a highly competitive space. The competition in the market is becoming more intense with the rise in the number of key players. One major key player in the market is Paytm. Paytm has been playing a significant role in mobile wallet market in India. Another prominent company is PhonePe, which is a subsidiary of Flipkart Internet Private Limited. PhonePe is a key UPI-based payment platform which facilitates seamless transactions, fun transfers, and bill payments. With its user-friendly interface as well as widespread acceptance, PhonePe has attained a major traction in the Indian mobile wallet market. Google Pay, is also a key player and it is operated by Google India Digital Services Private Limited. Leveraging the Unified Payments Interface (UPI), Google Pay enables users to make payments, pay bills, recharge mobiles, and more. Its integration with well-known apps and services has also contributed to its popularity. 

Government Initiatives Introduced in the India Mobile Wallet Market

The growth of the market is being encouraged by government initiatives. As government favourable policies supporting the markets including, India Mobile Wallet to grow seamlessly. One of the significant policies is Unified Payments Interface which facilitates users to link their bank accounts to mobile wallet apps, enabling users to transfer money seamlessly. Moreover, BHIM (Bharat Interface for Money) is a government-created mobile payment app encouraging users to adopt digital payment modes. It allows fast, convenient, and secure payment options to the users. Aadhaar Enabled Payment System enables users to carry out banking transactions using their Aadhaar number and biometric authentication. This is considered a great scheme promoting digital payment, leading to a rise in the India Mobile Wallet Market growth.

Market Analysis by Type

According to Shivankar, Research Manager, 6Wresearch, as per the research, payment method depends upon various factors such as merchant acceptance and user preference. Nevertheless, QR code-based payments and Unified Payments Interface (UPI) are commonly preferred by users with the easy availability to every merchant, while other technologies like Near Field Communication (NFC), text-based/Short Message Service (SMS), and digital-only wallets are also gaining momentum with the changing preferences over time.

Market Analysis by Type

Based on the type, both, Proximity and Remote are used by the population and gaining traction in the market by dominating India mobile wallet market share, depending on their transaction needs.

Key attractiveness of the report

• COVID-19 Impact on the Market.
• 10 Years Market Numbers.
• Historical Data Starting from 2019 to 2022.
• Base Year: 2022.
• Forecast Data until 2029.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• India Mobile Wallet Market Outlook
• Market Size of India Mobile Wallet Market, 2022
• Forecast of India Mobile Wallet Market, 2029
• Historical Data and Forecast of India Mobile Wallet Revenues & Volume for the Period 2019 - 2029
• India Mobile Wallet Market Trend Evolution
• India Mobile Wallet Market Drivers and Challenges
• India Mobile Wallet Price Trends
• India Mobile Wallet Porter's Five Forces
• India Mobile Wallet Industry Life Cycle
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Type for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Proximity for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Remote for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Technology for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Near Field Communication for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By QR Code for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Text-Based/Short Message Service for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Digital Only for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Application for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Hospitality & Transportation for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Media & Entertainment for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Retail for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Healthcare for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Energy & Utilities for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Telecommunication for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Others for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By End User for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Personal for the Period 2019 - 2029
• Historical Data and Forecast of India Mobile Wallet Market Revenues & Volume By Business for the Period 2019 - 2029
• India Mobile Wallet Import Export Trade Statistics
• Market Opportunity Assessment By Type
• Market Opportunity Assessment By Technology
• Market Opportunity Assessment By Application
• Market Opportunity Assessment By End User
• India Mobile Wallet Top Companies Market Share
• India Mobile Wallet Competitive Benchmarking By Technical and Operational Parameters
• India Mobile Wallet Company Profiles
• India Mobile Wallet Key Strategic Recommendations

Market Covered

The report offers a comprehensive study of the subsequent market segments:

By Type

• Proximity
• Remote

By Technology

• Near Field Communication
• Qr Code
• Text-Based/Short Message Service
• Digital Only

By Application

• Hospitality & Transportation
• Media & Entertainment
• Retail
• Healthcare
• Energy & Utilities
• Telecommunication
• Others

By End User

• Personal
• Business

Frequently Asked Questions About the Market Study (FAQs):