Oil Companies Have Tied Up with Mobile Wallets
India:
Oil companies in India
have now tied up with maximum number of mobile wallets available in the market.
Further, debit and credit cards are much popular among users in petrol pumps
instead of mobile wallets. Oil companies are trying to cover 80 percent of
petrol pumps through mobile wallets soon.
Besides Paytm and Mobikwik, oil
companies have tied up with Freecharge, JioMoney, State Bank Buddi, mRUPEE, Ola
Money, Airtel Money, Citrus Pay, The Mobile Wallet (TMW), PayUmoney, Atom,
Oxigen and Mpesa.
TechSci Research depicts that with this tie
up, and increasing use of mobile wallets will help oil companies for better
access and it will also help in to grab more consumers. Further, with growing
technological advancements and usage, mobile wallets industry will grow
significantly across India.
According to the recent report published
by TechSci Research, “India
Mobile Wallet Market Forecast and Opportunities, 2020”, the mobile wallet market in India is
forecast to reach US$ 6.6 billion by 2020. Growing awareness regarding the
benefits of mobile wallets, rising smartphone and mobile internet penetration
rates, and increasing security measures are expected to drive growth in India
mobile wallet market. In 2014, Tier-I cities such as Delhi, Mumbai, Kolkata,
Bangalore, Pune, etc., registered the highest number of mobile wallet users in
the country, while Tier II cities such as Jaipur, Lucknow, Chandigarh, Indore,
Patna, etc. are emerging cities in terms of mobile wallet usage. Banking accounted
for the largest end user sector in the country’s mobile wallet market in 2014,
followed by retail, telecom and transportation sectors. Few of the leading
companies operating in India mobile wallet market include One97 Communication
Pvt. Ltd., MobiKwik and ItzCash.