Entry of Banks Stimulates Indian Mobile Wallet Market

According to a new research report by RNCOS entitled,Indian Mobile Wallet Market Outlook 2020, m-wallets have gained huge popularity in the past couple of years due to their attractive benefits and ease of use. The major growth drivers of the industry are increasing number of new services, increasing smartphone users, increasing penetration of mobile internet, surging penetration of affordable handsets and declining mobile internet tariffs.

Indias 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. Indias 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 is 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 the 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 a 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.
Furthermore, Yes Bank is also expected to launch its m-wallet by the end of 2015 to compete with leading banks. Further, SBI India also has a mobile wallet solution in partnership with Oxigen. The bank is currently reworking its mobile wallet product, and is expected to re-launch it in coming months. SBI has already launched its own m-wallet SBI Buddy without any partnership, in August 2015.

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