India Mobile Wallet Market is Expected to Register a 12.63% CAGR Through 2031

India Mobile Wallet Market is to be led by the Peer-to-Peer Transfer segment due to rising demand for instant, secure, and convenient digital money transactions across all user demographics, during the forecast period.

According to TechSci Research report, “India Mobile Wallet Market – By Region, Competition, Forecast and Opportunities, 2021-2031F”, India Mobile Wallet Market was valued at USD 18.46 Billion in 2025 and is expected to reach USD 37.68 Billion by 2031 with a CAGR of 12.63% during the forecast period.

There is a marked shift in consumer behavior in India favoring digital and contactless payment methods, which is accelerating the adoption of mobile wallets. Convenience is the foremost factor driving this change, as mobile wallets enable users to complete transactions swiftly without the need to carry cash or cards. In urban centers and increasingly in tier 2 and tier 3 cities, consumers are embracing the ease of mobile wallets for day-to-day activities such as shopping, bill payments, ticket bookings, and peer-to-peer transfers. Additionally, the rising awareness regarding the safety and hygiene benefits of contactless payments, especially after the COVID-19 pandemic, has significantly influenced customer preferences toward mobile wallets.

Mobile wallets provide enhanced value through features such as instant cashback, loyalty rewards, and integration with other digital services like e-commerce platforms, banking, and financial management apps. These value-added services deepen user engagement and retention, creating an ecosystem that encourages frequent transactions. The flexibility to transact without the limitations of traditional banking hours and the ability to manage finances on the go have further entrenched mobile wallets as a preferred payment mode. As the population becomes more digitally literate and comfortable with mobile financial services, consumer inclination toward cashless and contactless payments will continue to fuel the growth trajectory of the India Mobile Wallet Market.

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Based on Application, Entertainment & Travel segment is emerging as the fastest-growing segment in the India Mobile Wallet Market, fueled by a rising preference for seamless digital experiences. Consumers increasingly use mobile wallets to book movie tickets, flights, buses, hotels, and event passes, driven by convenience, real-time confirmations, and integrated promotional offers. The post-pandemic rebound in travel and entertainment, coupled with increased smartphone usage and affordable internet access, has further strengthened this shift. Popular platforms have integrated wallet options to streamline payments, attracting a tech-savvy audience looking for fast, contactless transactions.

This segment benefits from frequent cashback offers, reward programs, and bundled travel deals that enhance user engagement. Mobile wallets simplify multi-service payments, enabling users to manage bookings, payments, and rewards on a single interface. As digital consumption of travel and entertainment grows across urban and tier 2 cities, the Entertainment and Travel segment is expected to sustain its rapid expansion in the coming years.

Based on Region, North India has emerged as the fastest-growing region in 2025, driven by a combination of increasing digital awareness, expanding urbanization, and strong government-led financial inclusion initiatives. States such as Delhi, Uttar Pradesh, Punjab, and Haryana have seen rapid adoption of mobile wallet applications, especially among younger populations and working professionals. With rising smartphone penetration and improving internet infrastructure, consumers in this region are increasingly opting for mobile wallets for daily transactions including travel bookings, bill payments, and peer-to-peer transfers.

The regional growth is also being supported by the proactive digitization efforts of both public and private stakeholders. Local governments, municipal bodies, and utility service providers have collaborated with mobile wallet companies to facilitate digital payments for public services, parking, transit, and other civic utilities. In parallel, the presence of numerous educational institutions, tech startups, and retail hubs has fostered a digitally savvy consumer base eager to adopt efficient and contactless payment methods. This has encouraged widespread merchant acceptance and mobile wallet usage across retail, food delivery, and healthcare sectors.

North India's growth trajectory is expected to sustain due to continuous efforts in infrastructure development and financial literacy campaigns. As mobile wallet players expand their service offerings and partner with regional businesses, the region will continue to play a pivotal role in shaping India’s digital payment landscape. The focus on cashless transactions in tier 2 and tier 3 cities of North India is further expected to accelerate market growth over the forecast period.

Major companies operating in the India Mobile Wallet Market are:

• One97 Communications Limited
• Google LLC
• Amazon.com, Inc.
• One MobiKwik Systems Private Limited
• Axis Bank Limited
• ANI Technologies Pvt Ltd.
• Reliance Jio Infocomm Limited
• Bharti Airtel Limited

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“The India Mobile Wallet Market is poised for substantial growth driven by increasing smartphone penetration, widespread internet access, and government initiatives promoting digital payments. As consumers shift towards cashless transactions for convenience and security, mobile wallets will gain deeper penetration across urban and rural regions. Integration with value-added services such as microloans, insurance, and investment tools will further enhance user engagement. Technological advancements like biometric authentication, artificial intelligence, and Unified Payments Interface-based innovations will strengthen security and functionality. With expanding merchant acceptance and rising consumer trust, the market is expected to experience consistent growth in transaction volume and user base.” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

“India Mobile Wallet Market, By Type (Semi-Closed, Open, Closed), By Technology (Quick Response Codes, Near Field Communication, Magnetic Secure Transmission, Others), By Application (Entertainment & Travel, Bill Payments, Food & Drinks, Groceries, Peer-to-Peer Transfer, Others), By Region, Competition, Forecast & Opportunities, 2021-2031F”, has evaluated the future growth potential of India Mobile Wallet Market and provides statistics & information on Market size, structure and future Market growth. The report intends to provide cutting-edge Market intelligence and help decision-makers make sound investment decisions., The report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the India Mobile Wallet Market.

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