The UPI system developed by National Payments Corporation of India (NPCI), which facilitates inter-bank transactions, is a path-breaking trend in the Indian mobile wallet market. Paytm became successful in acquiring the largest market share owing to its high integration with the self-owned e-commerce platform (Paytm Mall), and acquisition of the latest payment banks license. Among these, Paytm emerged as the most used mobile wallet in 2017 with a share of ~41.60%. The major players in the Indian mobile wallet market include Paytm, FreeCharge, MobiKwik, and others. This shows that after the demonetization of INR 500 and INR 1,000 banknotes in November 2016, Indian consumers have accepted mobile wallets as the smart and convenient method of tackling scarcity of liquid cash.
In FY 2017, the money transfer segment had a market share of ~37.60%, followed by the recharge and bill payments segment (~29.71%). It is estimated that during the FY 2019–FY 2023 period, the Indian mobile wallet market will expand at a compound annual growth rate (CAGR) of ~52.21%, by volume, from the mark of 6.4 Bn in FY 2018.
The growth of e-commerce, an expanding smartphone user base, presence of payment banks and Unified Payment Interface (UPI) platforms are driving the mobile wallet market in India.
Mobile Wallet Market in India (2018-2023)
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