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Entry of Banks Stimulates Indian Mobile Wallet Market

“Affordable handsets, cash back & discounts and low mobile internet tariff rate will thrive the m-wallet market”, Says RNCOS

According to a new research report by RNCOS entitled, “Indian M-Wallet Market Forecast 2022”, the m-wallet has gained huge popularity in past couple of years due to its attractive benefits and convenience. The major growth drivers of the industry are Introduction of new services, increasing smartphone users, increasing penetration of mobile internet, affordable handsets and low mobile internet tariff rate.

Mobile wallet is a virtual wallet service provided by certain service providers, wherein people can load a certain amount of money that can be spent at online and offline merchants listed with the mobile wallet service provider. This digital payment service works as a cashless payment service, wherein people do not have to pay cash or swipe their debit or credit card at offline merchants.

India’s leading banks have entered in the Indian m-wallet market, and they are expected to capture larger market share in the near future as they have a huge customer base. India’s largest private sector bank by assets and branches, ICICI, launched its m-wallet “Pockets” in February 2015, for ICICI as well as non-ICICI customers. This m-wallet can be topped up with money from any bank account for making phone-based payments. By registering on Pockets, a person can avail banking facilities without providing Know-Your-Customer (KYC) documentation until transactions per month are below INR 10,000. Pockets by ICICI are an app that enables its customers to carry out a swing of banking services on the social media site, Facebook.

Similarly, HDFC and Axis Banks have launched their m-wallets Zappy and Ping, respectively, in India, in the year 2015. HDFC Zappy is only for HDFC customers, and provides same services as ICICI pockets. A customer can also carry out a wide range of non-financial transactions through these apps. The list includes viewing a summary as well as a mini statement of savings bank account, knowing credit card details and getting demat holding statements. Through this app, a customer can open fixed or recurring deposit, order a cheque book, stop a cheque payment and upgrade debit card.

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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.  

Contact Information

  • Name: Shushmul Maheshwari

    Company: RNCOS E-Services Pvt. Ltd.

    Telphone: 24700-24700-4224700 , 120-4224700

    Address: G-199
    Sector 63