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Demonetization has Benefitted Indian Mobile Wallet Industry

“Introduction of new services, increasing smartphone users, increasing penetration of mobile internet, affordable handsets, growth in working population, demonetization move and low mobile internet tariff rate will drive the Indian Mobile Wallet market to become INR 1.5 Trillion by 2021-22”, Says RNCOS

According to a new research report by RNCOS entitled, “Indian M-Wallet Market Forecast 2022”, the m-wallet has gained huge popularity in past couple of years due to its numerous benefits and convenience. The major growth drivers of the industry are Introduction of new services, increasing smartphone users, increasing penetration of mobile internet, affordable handsets, growth of e-commerce industry, introduction of 4G network, move towards cashless economy and low mobile internet tariff rate.

The m-wallet market can be segmented into three broad services: Money Transfers, Recharge, and Others. In 2016-17, the Money Transfer segment, which includes money transfers from bank to wallet, wallet to wallet and wallet to bank, was estimated as the largest segment of Indian m-wallet market. The market which stood at INR 6.65 Billion in 2016-17 has potential to report a significant growth in next five years. Indian m-wallet market is anticipated to grow at 196% CAGR to become INR 1.5 Trillion by 2021-22. Mobile recharge and bill payment has been the fastest growing segment. Paytm, Mobikwik, Oxigen, ITZ cash, Vodafone m-Pesa and Airtel money are the top m-wallet companies in India.

Research Analysis and Highlights
The report is spread in over 63 pages and provides an in-depth research and rational analysis of the current status and future prospect of Indian m-wallet Industry. The study presents a transparent picture about different m-wallet services such as recharge, bill payments, money transfers and utilities. The research further covers current scenario of non cash payment transactions, detailed analysis of Indian m-payment industry, growth drivers and challenges as well as recent developments.

The report also covers detailed information about how demonetization has benefitted the market and active market players in the Indian m-wallet industry, including domestic and global players to enable the clients understand the market structure and its growth during the forecasted period. In brief, the report, “Indian M-Wallet Market Forecast 2022” covers all the necessary aspects of the Indian m-wallet industry, providing an in-depth research and prudent analysis of the key segments.

Some of the key highlights of the report include the following:

• Growth Drivers such as rise in mobile internet users, rise in smartphone users, easy & convenient and huge benefits at offline and online stores
• Market Segmentation by type of m-payment
• Current and future market of m payment and m-wallet
• Leading Players and their share in Indian m-wallet market

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.  

Contact Information

  • Name: Shushmul Maheshwari

    Company: RNCOS E-Services Pvt. Ltd.

    Telphone: 24700-24700-4224700 , 120-4224700

    Address: G-199
    Sector 63