India Mobile Wallet Market Size & Analysis by Type (Money Transfer, Recharge, Utility Bill Payment and Others) Forecast and Opportunities, 2018-2023

The Mobile Wallet Market Registered Double Digit Value Growth, with a CAGR of 67.10% During Review Period of 2013 - 2017

India is one of the fastest growing economies of the world, and it is home to over 1.3 billion people. The country recorded strong GDP growth of 6.5% in 2017, despite some headwinds from GST. India’s digital payment industry showed promise and registered double digit value growth during 2013-17. India’s middle class continues to grow and IMF’s GDP growth forecast for FY2019 is much better at 7.4%, this will improve business sentiments and benefit different industries including mobile wallet market.

According to “India Mobile Wallet Market Size & Analysis, Forecast & Opportunities, 2018-2023”, mobile wallet market registered whopping double digit value growth, with a CAGR of 67.10% during review period of 2013-17 despite headwinds like mandatory KYC. The market advanced on the back of rising digital awareness, increasing smartphone ownership coupled with surging internet penetration, and convenience associated with such services. The market is forecast to gain immensely during forecast period of 2018-23 to reach around USD 7 Billion by 2023, on account of Government’s increased focus to make India a cashless and digital economy. This will help the industry and directly benefit companies like Paytm, Mobikwik, FreeCharge, Oxigen and many others.

India has already become world’s second biggest smartphone market after overtaking the United States. Apart from growing economy and middle class, India is also witnessing other trends, like modernisation of lifestyle due to growing urbanisation coupled with improvement in the education level. These trends make India a favourable market for multitude of products and services like mobile wallets. In 2017, every category like money transfer, recharge, and utility bill payment recorded strong double digit growth owing to wide range of offers, like discounts and cashback offers for booking movie tickets, paying utility bills and booking air tickets among others.

As far as competitive landscape is concerned, Paytm continues to dominate the market by significant margin followed by tens of players. India mobile wallet has seen growing investment from companies like Google and WhatsApp, who have announced significant investments in the country. Digital payment awareness is anticipated to continue through 2023 and onwards and mobile wallet penetration is likely to go up even in Tier II and Tier III cities through 2023.

India Mobile wallet Market Analysis, Forecast and Opportunities, 2018-23 elaborates the following aspects of market in the country

• India Mobile Wallet Market Size by Value, Share & Forecast
• Segmental Analysis – By Category (Money Transfer, Recharge, Utility & Others) By Company and By Region
• India Macro Economic Analysis
• Policy and Regulatory Landscape
• Micro Market Trends & Developments
• Competitive Landscape & Strategic Recommendations

Why You Should Buy This Report?

• To have a comprehensive understanding of India mobile wallet market
• To help mobile wallet companies in making informed decision through in-depth knowledge of the market size in value terms, macro drivers, challenges and on-going industry trends
• To obtain competitive advantage over rivals
• To add weight to presentations and marketing material
• To avail 10% customization in the report without any extra charges and get research data or trends added in the report as per the buyer’s specific needs