India Mobile Wallet Market (2016-2022)-6Wresearch


India Mobile Wallet Market All Set to Surpass $11 Billion By 2022 – 6Wresearch

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.

India Mobile Wallet Market (2015–2021) graph

Source Link: http://www.6wresearch.com/press-releases/india-mobile-wallet-market-2015-2021.html

For Further details, please contact:
Email Us: sales@6wresearch.com
Call Now: +91-11-430-24-305

Advertisements

Author: 6wresearch- Market Intelligence Solutions

6Wresearch is the premier, one stop market intelligence and advisory center, known for its best in class business research and consulting activity. We provide industry research reports and consulting service across different industries and geographies which provide industry players an in-depth coverage and help them in decision making before investing or enter into a particular geography. Our Research Process Outsourcing (RPO) division enables our client to reduce their cost by outsourcing their research needs and focusing on their core competency. Our Business Model The prime motto of 6Wresearch is to see the exponential growth of our clients by meeting all the research requirements. 6Wresearch is pioneer in implementing 6W (what, where, when, who, when and how) model across its research cycle. We believe that exhaustive research can only be accomplished if it covers all six dimensions of research: What to invest in: What product and services is to produce to target potential market? Where to invest: Which geography to enter? When to invest: When is the right time to enter to the market? Whom to target: Who is your target consumer and buyers? Why to invest: What growth and opportunity the target market is offering? How to invest: What is the right strategy to enter the target market? Our integrated survey based model enable us to deliver real insights from key industry players which enable our clients to acquaint themselves with key industry trends & developments and devise various strategies for growth. Our Core Beliefs/Values 6Wresearch values its client and believes in maintaining long term relationship with them by providing high quality research solutions. 6Wresearch maintains its core beliefs and values by complementing Commitment towards standards, ethics and integrity, Ensuring client satisfaction, Maintaining full transparency. To find details on our members and associates please go to our directory of members.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s