India has emerged as one of the fastest-growing mobile wallet markets in the Asia Pacific region. In the financial year 2014-15 alone, m-wallet transactions registered a swashbuckling growth of more than 130% as compared to the previous year. Thanks to increasing penetration of smartphones & tablets, gaining consumer confidence and surging mobile internet subscribers are providing the 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, the market is expected to attain new heights. Further, radio taxi players such as OLA and Uber have enabled payment through the mobile wallets 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 the 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, the 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 wallets to recharge the mobile phones and DTH platform has contributed to these verticals market dominance."
"Mobile wallet is majorly used on 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 forecasts 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. The report further specifies market revenues by operating device types and further segregates market by tier-1, 2, and 3 cities. The report also gives insights on competitive landscape, company profiles, market drivers, and restraints.
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Media Courtesy : The Hhans India