Rising Smartphone User Base to Aid Growth of India Mobile Wallet Market through 2024

Increasing smartphone and internet penetration along with rising acceptance of mobile wallets by various e-commerce platforms to drive India mobile wallet market through 2024.

According to TechSci Research report, “India Mobile Wallet Market By Application, Competition Forecast and Opportunities 2013 - 2024’’, India mobile wallet market is projected to grow at an astounding CAGR of 44% until 2024 on account of increasing penetration of smartphones, expanding internet user base and rising inclination of various e-commerce platforms towards mobile wallets. Moreover, mobile wallet companies are providing lucrative offers on mobile wallet usage along with growing usage of value added services. Additionally, ‘Digital India’ initiative of the government of India, which has a vision to convert India into a digitally empowered country, is further anticipated to have a huge positive impact on the market in the coming years.

Browse 32 market data Figures and Tables spread through 89 Pages and an in-depth TOC on "India Mobile Wallet Market".

Paytm Payments Bank Limited is the leading player in India mobile wallet market, followed by One MobiKwik Systems Private Limited, Oxigen Services (India) Private Limited, and Freecharge Payment Technologies Private Limited, among others. Among applications, money transfer dominated India mobile wallet market in 2017, and the segment is anticipated to continue its dominance during the forecast period as well due to rising number of peer to peer and peer to bank transactions. However, online food ordering is expected to grow at the fastest pace during the forecast period as ordering food online is emerging as a preferred way of placing order by the customers due to high convenience it offers.

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“With emergence of mobile wallets, sending and receiving money has become quite easy and smooth. Moreover, various technological advancements are taking place in mobile wallet marketplace; for instance, earlier, mobile wallets were only used for recharging mobile phones, however, now mobile wallets are being increasingly utilized for a number of activities, such as, bill payments, DTH recharge, etc. Additionally, BFSI and telecom sectors are increasingly participating in India mobile wallet market, which is expected to steer growth in the market through the forecast period.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“India Mobile Wallet Market By Application, Competition Forecast and Opportunities 2013 - 2024” has evaluated the future growth potential of India mobile wallet market and provides statistics and information on market size, structure and future market growth. The report offers decision makers superior market intelligence, thereby enabling them conduct thorough investment appraisal. Besides, the report also analyzes the evolving market trends along with drivers, challenges and opportunities in India mobile wallet market.

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