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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.

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