Thursday, September 24, 2015 South Asia
Source: Press Release
According to TechSci Research report, "India Mobile Wallet Market Opportunities & Forecast, 2020", mobile wallet market in Indiais projected to reach US$ 6.6 billion by 2020. The mobile wallet market in India is projected to exhibit exponential growth during the forecast period, on account of rising smartphone penetration rate, growing mobile internet user base, and increasing government support. In addition, mobile wallet companies operating in India are also offering attractive deals and incentives to attract new users. In recent years, wallet companies have increasingly formed collaborations with service providers and financial institutions to offer a robust and seamless mobile wallet platform to the users. Usage of mobile wallet is growing across various applications such as money or banking transactions, mobile recharge & bill payments, ticket bookings, utility applications, etc. In addition, approval of payment bank licences of major companies such as Paytm, Vodafone, Airtel, etc. is projected to drive growth in the number of banking transactions through mobile wallet over the next five years.