Mobile Wallet Market in India to Expand at 52.21% till 2023

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New York May 14, 2019: According to a new report released by Research On Global Markets, the mobile wallet market in India will expand at a compound annual growth rate (CAGR) of ~52.21%, by volume, from the mark of 6.4 Bn in FY 2018. The market is driven by factors such as the growth of e-commerce, an expanding smartphone user base, presence of payment banks and Unified Payment Interface (UPI) platforms.

According to the report, in the year 2017, the money transfer segment occupied a market share of 37.60%, followed by the recharge and bill payments segment (29.71%). Ever since demonetization hit the nation in November 2016, consumers have tackled the problem of scarcity of liquid cash, by accepting mobile wallets as a convenient and smart payment method. There are a number of players in the Indian mobile wallet market such as Paytm, FreeCharge, Phonepe, MobiKwik, and others. Paytm emerged as the most popular mobile wallet app with a market share of 41.60% in 2017. Its high integration with the self-owned e-commerce platform (Paytm Mall) and acquisition of the latest payment banks license, helped Paytm acquire the largest share of the market.

The important role that e-wallets play in the e-commerce industry is one of the key drivers of the market. The growth of the e-commerce segment is fuelling the development of the mobile wallet market in India. Both in the urban and rural areas of the country, the availability of affordable mobile phones will accelerate the growth of the mobile internet industry, which will eventually lead to the high usage of mobile wallets across the country.

Key trends to look out for:

1. Development of quick response code for digital payments at retail outlets has eliminated the use near field communication (NFC) devices or expensive data capture (EDC) machines.

2. Another path breaking trend is the UPI system developed by the National Payments Corporation of India (NPCI), which facilitates inter-bank transactions. Users are able to create virtual payment address (VPA) and make peer-to-peer payments easily.

Due to the interoperability, the software used by the one mobile wallet provider can be used by different partner merchants, increasing the chances of cyber-crime. Users are reluctant to share confidential bank details, as result of which the mobile wallet market players becomes hindered. Many mobile wallets are only compatible with one or two operating systems (commonly with iOS and Android). This, in turn, limits the use of mobile wallets and increases that of Bharat Interface for Money (BHIM) and UPI, which are compatible with all operating systems.

Key highlights of the report:

1. Overview of the mobile wallet market in India
2. Service-wise segmentation (FY 2017)-(Money transfer, Recharge and bill payments, Utility payments, and others)
3. Player-wise segmentation (2017)- (Paytm, Freecharge, Mobikwik and others)
4. Total retail electronic clearing – value-wise split and volume-wise split (FY 2016-FY 2018)- (NEFT, IMPS, UPI, and others)
5. Qualitative analysis of the major drivers and challenges affecting the market
6. Government initiatives
7. Key recent developments associated with the mobile wallet market in India
8. Analysis of the competitive landscape and profiles of major players operating in the market

Browse full table of contents and data tables at @ https://www.researchonglobalmarkets.com/mobile-wallet-market-in-india-2018-2023.html

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