The news of Mobile Wallet and Digital payment app Paytm levying charges of money transfer recently hit the news. Though, Paytm authorities have denied it and said it’s a rumour, yet the news has created a disturbance in the market as it has the potential to threaten Paytm’s customer base, which makes it one of the leading mobile wallet and payment solutions app in the country.
After the demonetization act, Paytm shot to fame overnight and saw a huge number of downloads that literally changed the way payments were made and received in India. The demonetization took place in the year 2016 which brought about a surge in the mobile wallet market in India. As per a research report from Research on Global Markets, it was expected that mobile wallets will grow at a compounded annual growth rate (CAGR) of nearly 52% by volume year on year starting 2018 and ending 2023. However, with Fintech entering the Indian marketplace and changes in regulations for e-commerce industry in India, the projected growth numbers may change for the mobile wallet market in India particularly.
Mobile wallets have an inherent limitation. The operating system currently used by wallets like Paytm and Mobikwik are compatible largely with android and iOS operating systems, however when it comes to interfaces like BHIM and UPI, they are compatible with all kinds of devices which makes there utility far more accessible than standard mobile wallets. Therefore, even though the mobile wallet market in India has seen early success through Paytm and MobiKwik, in the long run the digital payment solutions are becoming more frequently used and adopted payment methods.
Interoperability in payments has turned out to be a huge game changer in the financial services sector. Users of one payment app will be able to transact smoothly with other payment apps without any additional charges and hassles due to the Unified Payment Interface (UPI) technology. This disruption is possibly the endgame in the fast-changing mobile payment technology and now only time will tell who evolves faster and captures the Indian market completely.
Our related topic:
Factors driving the growth of Mobile Wallet Market in India
What’s does future hold for the Mobile Wallet Market in India?
After the demonetization act, Paytm shot to fame overnight and saw a huge number of downloads that literally changed the way payments were made and received in India. The demonetization took place in the year 2016 which brought about a surge in the mobile wallet market in India. As per a research report from Research on Global Markets, it was expected that mobile wallets will grow at a compounded annual growth rate (CAGR) of nearly 52% by volume year on year starting 2018 and ending 2023. However, with Fintech entering the Indian marketplace and changes in regulations for e-commerce industry in India, the projected growth numbers may change for the mobile wallet market in India particularly.
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| MobileWallet Market in India |
Interoperability in payments has turned out to be a huge game changer in the financial services sector. Users of one payment app will be able to transact smoothly with other payment apps without any additional charges and hassles due to the Unified Payment Interface (UPI) technology. This disruption is possibly the endgame in the fast-changing mobile payment technology and now only time will tell who evolves faster and captures the Indian market completely.
Our related topic:
Factors driving the growth of Mobile Wallet Market in India
What’s does future hold for the Mobile Wallet Market in India?
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