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India Mobile Wallet Market Forecast and Opportunities, 2020
Mobile wallet is a digital wallet that allows users to make payments through smartphones, tablets, phablets, etc., from any location at any time. Mobile wallet market in India is surging on account of growing online transactions, rising trend towards mobile banking, and ease of usage of mobile wallet applications. In 2014-15, major application areas that drove the country’s mobile wallet market included money transfer, mobile recharge and bill payments, utility applications. These applications are being predominantly used by mobile wallet users based in Tier-I cities such as Delhi, Mumbai, Bengaluru and Chennai. In August 2015, Reserve Bank of India approved payment bank licenses of 11 companies including Vodafone, Airtel, Paytm, etc. Consequently, the mobile wallet market in India is forecast to become highly competitive over the course of next five years. Transportation is an emerging sector in terms of using mobile wallet usage in India. Radio taxi companies such as Uber are entering into partnerships with mobile wallet companies such as Paytm to allow customers make payments through mobile wallet applications.
According to India Mobile Wallet Market Forecast & 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.
