India mobile wallet market is projected to grow from around $ 16 billion in 2018 to $ 184 billion by 2024, exhibiting growth at a staggering CAGR of 44% during 2019 - 2024. Anticipated growth in the market can be attributed to growing smartphone user base and rising internet penetration across the country. Moreover, various e-commerce companies are now increasingly accepting mobile wallets for convenience of their customers, which is positively influencing the country’s mobile wallet market. Among applications of mobile wallets, money transfer dominates India mobile wallet market as there is high volume of peer to peer and peer to bank transfers. However, online food ordering is anticipated to grow at the fastest pace during forecast period as people find it easier to order food online rather than standing in queue.

Years considered for this report:

Historical Years: 2013-2017

Base Year: 2018

Estimated Year: 2019

Forecast Period: 2020–2024

Objective of the Study:

  • To define, segment, describe and forecast India mobile wallet market on the basis of Application and Company.
  • To analyze and forecast India mobile wallet market size.
  • To scrutinize the detailed market segmentation and forecast the market size, in terms of value of transactions, on the basis of application by segmenting India mobile wallet market various applications, namely, Money Transfer, Recharge, Taxi Booking, Utility Payment, Online Food Ordering, Movie Tickets, Train Tickets and Others.
  • To identify drivers and challenges for India mobile wallet market.
  • To analyze and forecast the market share, in terms of value, for India mobile wallet market with respect to Application and Company.
  • To strategically profile leading players in the market which are driving innovation and technological advancements in India mobile wallet market.  

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Key Players in India mobile wallet market are Paytm Payments Bank Limited, One MobiKwik Systems Private Limited, Oxigen Services (India) Private Limited, Freecharge Payment Technologies Private Limited, PhonePe Private Limited, Vodafone m-pesa Limited, Airtel Payments Bank Limited, Amazon Pay (India) Private Limited, PayU Payments Private Limited and My Mobile Payments Limited. The market is fragmented due to presence of a large number of small mobile wallet operating companies in India mobile wallet market.

TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of mobile wallet providers operating in India. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. TechSci Research further analyzed the product offerings or variants and regional presence of major India mobile wallet providers.

TechSci Research calculated the market size for India mobile wallet market using a bottom-up approach, where data for different components for standard applications was recorded and forecast for the future years. TechSci Research sourced these values from industry experts and company representatives and these were externally validated through analyzing historical data of India mobile wallet market to arrive at the overall market size. Various secondary sources such as secondary company websites, company annual reports, press releases, white papers, investor presentations and financial reports were also studied by TechSci Research.

Key Target Audience:

  • Mobile wallet solution providers and other stakeholders
  • Associations, organizations, forums and alliances associated with mobile wallet market
  • Government bodies such as regulating authorities and policy makers
  • Applications of mobile wallet which include Money Transfer, Recharges, Taxi Booking, Utility Payments, Movie Tickets and others.

The study is useful in providing answers to several critical questions that are important for industry stakeholders such as India mobile wallet providers, companies, customers and policy makers, about which market segment should be targeted in the coming years in order to strategize investments and capitalize on the growth of the market segment.

Report Scope:

In this report, India mobile wallet market has been segmented into the following categories in addition to the industry trends which have also been detailed below:

  • Market, by Application:
    • Money Transfer
    • Recharge
    • Utility Payment
    • Taxi Bookings
    • Online Food Ordering
    • Movie Tickets
    • Train Tickets
    • Others

·         Market, by Company:

o   Paytm Payments Bank Limited

o   One MobiKwik Systems Private Limited

o   Oxigen Services (India) Private Limited

o   Freecharge Payment Technologies Private Limited

o   Others

Competitive Landscape

Company Profiles: Detailed analysis of the major companies operating in India mobile wallet market.


Available Customizations:

With the given market data, TechSci Research offers customization according to a company’s specific needs. The following customization options are available for the report:

Customer Profiling

  • Detailed analysis and profiling of additional market players (up to five)
In case of you can’t find what you are looking for then please get in touch with our custom research team at

In case you don’t find what you are looking for, please get in touch with our custom research team at

1.       Product Overview

2.       Research Methodology

3.       Analyst View

4.       Voice of Customer

4.1.    Age Group Distribution

4.2.    Gender Distribution

4.3.    Occupation Distribution

4.4.    Annual Household Income Distribution

4.5.    Mobile Wallet Users vs Non-Users Distribution

4.6.    Wallet Recall

4.7.    Wallet Awareness

4.8.    Existing/Currently Used Wallet

4.9.    Download History

4.10.   Delete History

4.11.   Reason to Delete Mobile Wallet App(s)

4.12.   Factor Influenced to Use Mobile Wallet

4.13.   Satisfaction Level of Customers

4.14.   Purpose of Using Mobile Wallet

4.15.   Source of Information

4.16.   Motivating Factors

4.17.   Challenges

4.18.   Average Monthly Transaction

4.19.   Best Intra Wallet Navigation

5.       Global Mobile Wallet Market Overview

6.       India Mobile Wallet Market Outlook

6.1.    Market Size & Forecast

6.1.1. By Value & Volume of Transaction

6.2.    Market Share & Forecast

6.2.1. By Application (Money Transfer, Recharge, Taxi Booking, Utility Payments, Movie Tickets, Train, Online Food Ordering & Others)

6.2.2. By Company

7.       Mobile Payment Models

7.1.    Bank Centric Model

7.2.    Operator Centric Model

7.3.    Peer to Peer Model

7.4.    The Collaborative Model

8.       Market Dynamics

8.1.    Impact Analysis

8.2.    Drivers

8.3.    Challenges

9.       Market Trends & Developments

10.   Policy & Regulatory Landscape

11.   India Economic Profile

12.   Product Benchmarking

13.   Competitive Landscape

13.1.   Competitive Benchmarking

13.2.   Company Profiles

13.2.1.    Paytm Payments Bank Limited

13.2.2.    One MobiKwik Systems Private Limited

13.2.3.    Oxigen Services (India) Private Limited

13.2.4.    Freecharge Payment Technologies Private Limited

13.2.5.    PhonePe Private Limited

13.2.6.    Vodafone m-pesa Limited

13.2.7.    Airtel Payments Bank Limited

13.2.8.    Amazon Pay (India) Private Limited

13.2.9.    PayU Payments Private Limited

13.2.10.   My Mobile Payments Limited

14.   Strategic Recommendations

In case you don’t find what you are looking for, please get in touch with our custom research team at
  • List of Figures


    Figure 1: Age Group Distribution, 2018 (Base=511)

    Figure 2: Gender Distribution, 2018 (Base=511)

    Figure 3: Occupation Distribution, 2018 (Base=511)

    Figure 4: Annual Household Income Distribution, 2018 (Base=511)

    Figure 5: Mobile Wallet Users vs Non-Users Distribution, 2018 (Base=511)

    Figure 6: India Mobile Wallet, By Wallet Recall, 2018 (N=462)

    Figure 7: India Mobile Wallet, By Wallet Awareness, 2018 (N=462)

    Figure 8: India Mobile Wallet, By Existing/Currently Used Wallet, 2018 (N=462)

    Figure 9: India Mobile Wallet, By Download History, 2018 (N=462)

    Figure 10: India Mobile Wallet, By Delete History, 2018 (Base=462)

    Figure 11: India Mobile Wallet, By Reason to Delete Mobile Wallet App(s), 2018 (N=200)

    Figure 12: India Mobile Wallet, By Factor Influenced to Use Mobile Wallet, 2018 (N=462)

    Figure 13: India Mobile Wallet, By Satisfaction Level of Customers based on Parameters (1 is extremely satisfied; 3 is neutral; and 5 is extremely Dissatisfied), 2018 (N=462)

    Figure 14: India Mobile Wallet, By Purpose of Using Mobile Wallet, 2018 (N=462)

    Figure 15: India Mobile Wallet, By Source of Information, 2018 (N=462)

    Figure 16: India Mobile Wallet, By Motivating Factors, 2018 (N=462)

    Figure 17: India Mobile Wallet, By Challenges, 2018 (N=462)

    Figure 18: India Mobile Wallet, By Average Monthly Transaction, 2018 (N=462)

    Figure 19: India Mobile Wallet, By Best Intra Wallet Navigation, 2018 (N=462)

    Figure 20: India Mobile Wallet Market Size, By Value of Transaction (USD Million), 2013-2024F

    Figure 21: India Mobile Wallet Market Size, By Volume of Transaction (Million), 2013-2024F

    Figure 22: Internet Users in India (Million), 2007-2017

    Figure 23: India Prepaid Payment Instrument Market, By Value of Transaction (USD Billion), 2013-2018

    Figure 24: India Prepaid Payment Instrument Market, By Volume of Transaction (Million), 2013-2018

    Figure 25: India Mobile Wallet Market Share, By Application, By Volume of Transaction, 2018 & 2024F

    Figure 26: India Mobile Wallet Market Share, By Company, By Value of Transaction, 2018 & 2024F


    List of Tables


    Table 1: India Smartphone User Base, By Volume (Million), 2015-2018

    Table 2: India Smartphone Market Share, By Company, By Volume, Q3 2018 (Third Quarter)

    Table 3: Internet Penetration (% of Population) in India, 2017-2017

    Table 4: India E-Commerce Market (USD Billion), 2017-2026F

    Table 5: Major E-Commerce Companies, By Market Size, 2017

    Table 6: Some of the India Mobile Wallet Companies with License from Reserve Bank of India (RBI)