A growing number of smartphone users coupled with attractive discount offers and rising disposable income to drive the 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”, the 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 the rising trend towards mobile banking. In 2016, India’s mobile wallet market observed huge traction due to the demonetization of the INR500 (USD7.33) and INR1000 (USD14.67) currency notes by the government.
The Important Elements of the India Mobile Wallet Market
government initiatives towards technological innovations by introducing Unified Payment Interface expanded the mobile wallet market across the country. Further, the Reserve Bank of India’s move to increase the semi-closed payment instrument limit from USD 147.05 to USD 294.15 is also anticipated to propel growth in the country’s mobile wallet market during the forecast period.
Browse 28 market data Tables and 54 Figures spread through 164 Pages and an in-depth TOC on the “India Mobile Wallet Market“
The growing use of digital platforms for fund transfer, bill payments, recharging, etc., in urban as well as semi-urban areas, is expected to push the growth of mobile wallets during the forecast period. In 2015, payment transfer dominated India’s mobile wallet market and the segment is anticipated to maintain its dominance over the next five years as well, on account of the ease of sending money to anyone who has a phone number or e-mail id at any point in time.
Various end-use sectors, such as telecom, banking, transport, and retail employ mobile wallet services to make financial transactions instantly. Considering the above reasons mobile wallets are expected to gain momentum at an 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 the mobile wallet market in India during the forecast period. Moreover, the whole demonetization drive has significantly boosted the adoption of mobile wallets, and this trend is expected to 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 the Indian 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 evaluations. Besides, the report also identifies and analyzes emerging trends along with essential drivers, challenges, and opportunities present in the Indian mobile wallet market.
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