In a report published by 6Wresearch, a business research and consulting firm it said that India’s mobile wallet market is touted to touch a whopping $11.5 mark by the end of 2022. Over the past one year, m-wallet transactions had registered a boasting growth of more than 130 percent as compared to the previous year.
In this forecast period, the growth of the market will depend upon 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.
Speaking about the same, Rajat Kharbanda, Senior Consultant, 6Wresearch said that 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.
“The key revenue generating applications in India’s mobile wallet market include- money transfer, recharge, bills payments and ticketing, where recharge application has captured key share of the market pie. Recharge has led the market owing to small value of the transactions”, he said.
“However, over the next six years, tremendous growth in money transfer, bill payments and ticketing segment can be anticipated. With expected new RBI regulation for Non-KYC to increase wallet limit, market would further grow through the forecast period,” Rajat said.