NextBillion - An Initiative of the William Davidson Institute at the University of Michigan

Thursday, October 15, 2015

Owing to increasing penetration of smartphones as well as tablets, India has emerged as one of the fastest growing mobile wallet markets in the Asia Pacific region. 6Wresearch, a global market research and consulting firm, said in a report that India's Mobile Wallet Market is projected to reach $11.5 billion by 2022.

In financial year 2014-15 alone, m-wallet transactions registered a swashbuckling growth of more than 130 per cent as compared to previous year. The market gets a boost from strong consumer confidence and surging mobile Internet subscribers, the global market research and consulting firm revealed.

According to 6Wresearch, "In the forecast period, the growth of the market is much dependent on spreading awareness to the potential customers, RBI regulations, shift towards mobile transactions especially in Tier 2 cities and Government of India's visionary 'Digital India' project."

Rajat Kharbanda, senior consultant, Research and Consulting, 6Wresearch," In the last two years, many players have entered into this arena and more are expected to enter in the coming years. With surging strategic partnerships of e-commerce giants with mobile wallet players, market is expected to attain new heights. Further, radio taxi players such as OLA and Uber have enabled payment through mobile wallet to offer cashless drive to its customers."