India Mobile Wallet Market CAGR of 46.3% Size, Growth Analysis, Share, Overview, Trends, and Forecast 2030

A recent study, conducted by the strategic consulting and market research firm Report Ocean, revealed that the India mobile wallet market was worth USD 30.1 billion in 2020. According to the study, the market is estimated to grow at a CAGR of 46.3%, earning revenue of around USD 429.2 billion by the end of 2027.

India mobile wallet market is growing at an impressive CAGR because of the increasing number of smartphone users and growing awareness among consumers regarding the convenient payment options through mobile wallets

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India mobile wallet market is flourishing at a high rate because of the increasing number of smartphone users and growing awareness among consumers regarding the convenient payment options through mobile wallets. In addition, merchants are adopting mobile wallets at a rapid pace due to the lower set-up infrastructure and transaction fees compared to traditional card-based payment systems. However, poor internet connectivity and limited internet accessibility as well as risks associated with cybersecurity may severely hamper the market's growth.

Flourishing E-Commerce Sector Propelling the India Mobile Wallet Market Growth

The flourishing e-commerce sector is among the major driving factors for the India mobile wallet market. Once a user pays on a shopping site for the first time, mobile wallets save his or her data automatically and enable one-tap payments in the future. This makes it convenient for the customers to make payments without any hassle. Additionally, several e-commerce websites partner with mobile wallet platforms to offer attractive deals and discounts, which are projected to drive market growth over the forecast period.

Market growth will be driven by the increasing number of smartphone owners & internet users

According to the IAMAI-Kantar ICUBE 2020 report, the number of active internet users in India is projected to surge from 622 million in 2020 to 900 million by 2025, with groundbreaking growth of 45%. The report also revealed that there will be more internet users in rural India than in urban India by 2025, declining the rural-urban gap of internet access. Likewise, according to a data released in 2019 by the Telecom Regulatory Authority of India (TRAI), India's telecom regulator, the country's mobile phone subscriber base exceeds one billion. Thus, with increasing internet accessibility and the number of smartphones in the country, the India mobile wallet market is also anticipated to surge in the upcoming years.

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India Mobile Wallet Market - By Technology

Based on technology, the India mobile wallet market is segmented into near field communication (NFC), optical/QR code, digital, and text-based. The near field communication (NFC) segment accounts for the largest share in the market as it is emerging as the most viable payment option digitally. Google Pay is emerging as the leading supporter of NFC in order to boost mobile payment via contactless technology, as well as tap-to-pay with credit and debit cards. This type of technology offers contactless, encrypted, and high secured payments which boost its market growth.

India Mobile Wallet Market - Regional Insights

Geographically, the India mobile wallet market is segmented into North India, South India, West India, and East India. South India dominates the India mobile wallet market as mobile banking is becoming one of the most popular payment methods in the region. However, North India is anticipated to emerge with the highest growth rate in the adoption of mobile wallets. The rapid urbanization and industrialization along with increasing penetration of smartphones and internet accessibility is providing significant growth opportunities to the adoption of mobile wallets in this region. On the other hand, West India is also projected to register significant growth during the forecast period.

Impact of COVID-19 on India Mobile Wallet Market

The sudden COVID-19 pandemic outbreak in the country has had a positive impact on the India mobile wallet market. The limitations on mobility and heavy reliance on banks created significant room for the adoption of mobile wallets across the country. Thus, many previously unwilling citizens began using mobile wallets during the pandemic. The market also witnessed a sharp surge due to the high dependence on e-commerce platforms during the COVID-19 period. A rise in the number of smartphones due to work-from-home and online schooling scenarios is also expected to influence the growth of the India mobile wallet market in the forecast period.

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India Mobile Wallet Market - Competitive Landscape

The leading players in the India mobile wallet market are Paytm, Google Pay, BHIM Axis Pay, PhonePe, Mobikwik, Yono (SBI), Citi MasterPass, ICICI Pockets, HDFC PayZapp, Amazon Pay, and other prominent players.

Market Segment:

By Type (Open, Semi-Closed, Closed)
By Ownership (Banks, Telecom Operators, Device Manufacturers, Tech Companies)
By Technology (Near Field Communication (NFC), Optical/QR Code, Digital, Text-Based)
By Region (North India, South India, West India, East India)
Table of Content:

Report Overview
Global Growth Trends
Competition Landscape by Key Players
Data Segments
North America Market Analysis
Europe Market Analysis
Asia-Pacific Market Analysis
Latin America Market Analysis
Middle East & Africa Market Analysis
Key Players Profiles Market Analysis
Analysts Viewpoints/Conclusions
Appendix

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This release was published on openPR.