98.4 has announced its partnership with MobiKwik for cashless payments

India: 98.4, a leading chain of retail pharmacy stores has announced its partnership with Mobikwik, India's largest digital payments company to allow its users to enable convenient, speedy, safe and reliable cashless payment solution.

In addition, this collaboration heightened the customer experience. The number of Mobikwik users in India are approx. 30 million, which is anticipated to support the 98.4 to increase its presence across the country by providing the pharmacy care services.

TechSci Research analyses that with this partnership, both the companies are enhancing their customer experience along with strengthening their market presence and enhancing brand recognition. 

Increasing awareness level of mobile wallet, rising internet users and increasing security measures are the key factors, which have been driving the mobile wallet market in India. Furthermore, Tier I cities including Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., registered the highest number of mobile wallet users, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore, Patna, etc. are the emerging cities in terms of mobile wallet usage across the country.

According to the recent report published by TechSci Research, “India Mobile Wallet Market Forecast and Opportunities, 2020”, India Mobile Wallet market is projected to surpass USD6.6 billion by 2020. With increasing awareness level of mobile wallet, rising smartphones coupled with growing internet penetration and increasing acceptance of mobile wallet as a payment mode are driving the mobile wallet market in India. Banking sector accounted the largest end user segment followed by retail, telecom and transportation.