India Mobile Wallet Market to Grow at Over 50% through 2021: Says TechSci Research
NEW YORK, January 23, 2017 /PRNewswire/ --
Growing number of smartphone users coupled with attractive discount offers and rising disposable income to drive mobile wallet market in India through 2021
According to TechSci Research report, "India Mobile Wallet Market By Application, By End User, Competition Forecast & Opportunities, 2012 - 2021", mobile wallet market in India is projected to exhibit a CAGR of over 50% during 2016-2021, on account of growing online transactions, increasing internet penetration coupled with rising trend towards mobile banking. In 2016, India mobile wallet market observed a huge traction due to demonetisation of the INR500 (USD7.33) and INR1000 (USD14.67) currency notes by the government. In addition, government initiatives towards technological innovations by introducing Unified Payment Interface expanded mobile wallet market across the country. Further, Reserve Bank of India's move to increase semi-closed payment instrument limit from USD147.05 to USD294.15 is also anticipated to propel growth in the country's mobile wallet market during the forecast period.
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Figure: India Internet Users as a Percentage of Population, 2010-2015
Year Internet Users (%)
2010 8%
2011 10%
2012 13%
2013 15%
2014 21%
2015 26%
Source: World bank
Browse 28 market data Tables and 54 Figures spread through 164 Pages and an in-depth TOC on
"India Mobile Wallet Market"
Growing use of digital platforms for fund transfer, bill payments, recharging, etc., in urban as well as semi-urban areas is expected to push growth of mobile wallets during the forecast period. In 2015, payment transfer dominated India mobile wallet market and the segment is anticipated to maintain its dominance over the next five years as well, on account of ease of sending money to anyone who has a phone number or e-mail id at any point of time. Various end use sectors, such as telecom, banking, transport and retail employ mobile wallet services to make financial transactions instantly. Considering above reasons mobile wallets are expected to gain momentum with even greater pace in India over the coming years.
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"Increasing disposable income and rising e-commerce demand in tier I cities such as Delhi, Mumbai, Kolkata, Bangalore, Pune, etc., is expected to fuel mobile wallet market in India during the forecast period. Moreover, the whole demonetization drive has significantly boosted adoption of mobile wallets, and this trend expected gain more momentum in the coming years.", said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Mobile Wallet Market By Application, By End User, Competition Forecast & Opportunities, 2012 - 2021" has evaluated the future growth potential of India mobile wallet market and provides statistics and information on market structure, size, share and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges and opportunities present in India mobile wallet market.
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