(Wireless-NewsWire.Com, February 14, 2018 ) Mobile Wallet Market in 2017 states that the digital market has greatly benefitted from the recent demonetization in India, which has boosted the usage of m-wallets in the country. The m-wallet is driven by increased usage of smartphones, 3G and 4G penetration and growth of e-commerce industry, combined with the rise in disposable income. Post demonetization, the monthly average wallet spending has jumped from INR 500-700 to INR 2000-10,000. Within next four years, prepaid instruments transactions will grow to become the double of mobile banking transactions. Companies like PayTm, FreeCharge, Mobikwik, My Airtel, Oxigen Wallet, My Vodafone, and Pockets by ICICI are the main players in this industry.
Increased cases for cyber crimes in India, lack of trust in digital payment gateway, compatibility issues, consumer mindset and financial regulations are adversely affecting the market. Many companies are expanding and restructuring with the aim of not only increasing their gross merchandise value but also to launch other financial services such as loans and investments on their platform. With the convenience of payment and other benefits offered by digital gateways, the m-wallet industry is expected to grow exponentially.
Overview of the forecasted mobile wallet market size over FY 2016 to 2020e
Overview of the mobile wallet transaction market size over FY 2016 to FY 2020e
Evolution of consumer digital payments
Mobile wallet payment varieties
Types of mobile wallets
Growth in mobile wallet banking and prepaid instruments
Mode of payment-wise segmentation
Market segmentation of mobile wallet services and gender-wise segmentation
Future opportunities of mobile wallets
Qualitative analysis of the major drivers and challenges affecting the market
Analysis of the competitive landscape and detailed profiles of major public and private players
Recent developments in the industry
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Mobile Wallet Market Company Profiling
1. Accelyst Solutions Pvt. Ltd.
2. Citrus Payment Solutions Pvt. Ltd.
3. ItzCash Card Ltd.
4. One MobiKwik Systems Pvt. Ltd.
5. Oxigen Services (India) Pvt. Ltd.
6. Paytm Mobile Solutions Pvt. Ltd.
7. PhonePe Pvt. Ltd.
8. Pay U Payments Pvt. Ltd