India Mobile Payment Service Market Introduction
In the recent past, India has emerged as one of the largest economies in the world. In addition, according to the World Bank, India is set to emerge as the world’s fastest-growing economy in near future. Moreover, with growing technology adoption in the country, massive interest among commercial enterprises, academicians, and policymakers has been witnessed to explore the possibility of moving towards a cashless economy. However, cash continues its dominance among types of monetary transactions. The Government of India and banks in the country are inclined towards introducing policies & acts and taking effective measures to encourage users to adopt mobile payment services.
For instance, demonetization—move taken by Government of India (GoI)—in November 2016 lead huge changes in the cashless payment system and increased the number of people using m-wallets as an option to make payment. Moreover, banks in India are aimed at implementing all the possible measures to ensure user’s safety which is steadily shifting the consumer’s preference from cash payment to m-wallet platforms. Furthermore, rise in merchant tie-ups at terminals such as grocery seller and transportation service provide is projected to increase the share of mobile payment service in the overall monetary transactions in the country.
Introduction of attractive offers to promote the adoption mobile payments, increased penetration of credit cards, rise in popularity of mobile payments among young generation to make payments, and increase in penetration of mobile phones in the country is anticipated to supplement to the India mobile payment service market growth. Further, the introduction of supportive government acts and regulations to encourage the adoption of mobile payment services as a measure to prevent and control corruption in the country is anticipated to accelerate the growth of the mobile payment services market in India. However, data security concerns, lack of technological awareness among consumers residing in rural areas of the country and dependency on Internet connectivity are some of the major issues identified in the India mobile payment service market that is anticipated to hinder the growth of the market during the forecast period.
India mobile payment service market is segmented by technology and application. Based on technology, the India mobile payment service market is segmented into wireless application protocol (WAP), unstructured supplementary services data (USSD), short message service (SMS), near field communication (NFC), and other technologies. Based on application, the market is bifurcated into money transfer, bill payment, airtime top-ups, merchandise purchase, ticketing, and other applications.
India Mobile Payment Service Market Competitive Landscape
Mobile payment service providers are focused towards introduction mobile applications specially to target featured phone users. Key mobile payment service providers analyzed in the report are Apple Inc., MasterCard Inc., Worldpay, Skrill Limited, Google Inc., Visa Inc., Levelup, and PayPal Inc.
This research report on India mobile payment service market would be produced using first-hand market information gathered from industry experts and major participants across the value chain, during primary research. It would provide broad view of current market trends, growth factors and competitive analysis.