Indian M-Wallet Market To Cross Rs 1,200 Crore By 2019: Study
Tuesday, November 25, 2014
The infant mobile wallet market in India is estimated to grow over threefold to Rs 1,210 crore in the next five years, buoyed by rising smartphone users and entry of newer players into the sector.
According to a study by research and consultancy firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs 350 crore and is estimated to rise to Rs 1,210 crore by 2019.
“M-wallet market is projected to grow at a CAGR of around 30% in the next five years from 2015-2019. This is mainly due to increase in the demand for smartphones, which is estimated to grow at a higher pace, and rising mobile internet users, which has grown at 92% in 2013,” RNCOS said in the report.
Any smartphone user can install m-wallet application in the handset and can create own log in account. They will get a permanent pin number for utilizing m-wallet services.