Categories: Resources

Mobile Wallet Market in India Growing Exponentially

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Globally speaking, the internet has never had a more major role in society than it does today.

Almost no person could imagine a day without using a mobile app for snapping pictures, calculating, or banking. With the rise of internet usage in India, its citizens are increasingly keen on the mobile lifestyle.

Specifically, as over 50% of Indians use the world wide web daily, many of them have shifted to mobile wallets. In this article, we answer the question, “Which is the best mobile wallet app in India?”

We Have Seen It Coming

Let’s first take a look at what the presence of mobile wallets in India looks like. To be able to predict its future, we need to know where it stands right now.

Namely, predictions have been made concerning internet penetration and the rapidly growing interest in mobile facilities.

The era of the Net in India commenced with provider Videsh Sanchar Nigam Limited (VSNL) in 1995. However, back then, very few people could afford these services. With the rise of the economy and appearances of new, more affordable providers, Indians started to jump on the bandwagon. As of 2020, there are over 700,000 million people in India who regularly use the internet.

Studies have shown that India is the chief combat zone for the information superhighway. ICT and mobile payment are included in this narrative. Why? – you might be wondering.

The South Asian country has recently seen an economic decline in multiple factors. Particularly, in 2016, India faced a financial shock after demonetizing high-denomination currency notes. The reply to the economic hazard? Mobile payments.

The question of how many mobile wallets there are in India has been partially answered.

Mobile Payments in India

Statistics say that the most popular mobile banking options in India are global payment behemoths. We are talking about PayPal, Google, Samsung, and Apple, for example. Other prevalent suppliers include Amazon Pay, PayTM, One97, and Tencent Holdings, among others. Indians use mobile wallets for a variety of virtual services, from banking to online gaming and playing games at top Indian casino sites online.

To further illustrate the rising trend on the mobile India chart, let’s discuss Vodafone’s deal with Mumbai-based Ridlr. In September 2017, Vodafone m-Pesa inked a contract with Ridlr to facilitate bus rides for Indian commuters. Thanks to the partnership, a much-needed unified BEST Bus ticket booking service was made available to the people of India.

It seems that in the second part of the 2010s, India started to truly recognize and acknowledge mobile wallets’ potential.

Top digital wallets in India in 2020 serve for a diapason of services. Lots of them are accepted at most stores, be it online or land-based. Furthermore, they are extremely easy to switch to. Easy-to-use with efficient and responsive customer service, mobile wallets have taken India by storm.

Why Should You Use a Mobile Wallet?

Virtual wallets are widespread, within and outside India. You can utilize them for virtually anything. Electronic wallets, or e-wallets, are the future of banking. Go to your local vendor or pay a visit to your favorite online store – Indian websites will accept most of them.

Depending on the type of your chosen electronic wallet, you might need to create an account or link it to your credit card. This procedure takes up to a few minutes and spares you hours in the future.

Additionally, mobile wallets save you an immense amount of time. There’s no lagging, waiting around. It’s a hassle-free, time-efficient way to consume the goods you need. Also, now, at the time of COVID-19, no one wants to dirty their hands with cash. Instead, more and more people are switching to a much cleaner, hygienic payment option.

Another important point is security. On the streets, you can get mugged or lose your wallet. In the case someone steals your phone, you can easily deactivate the account temporarily. The service provider, if selected carefully, will ensure that no third party accesses your data and uses your e-wallet.

Safe & Sound

Most suppliers do their KYC (Know Your Customer) surveys and research, making sure they’re offering exactly what the users need. Thus, customers can rest assured that their monetary funds are in safe hands.

Special encryption protocols are used to safeguard all your information. And in case of some mobile wallets, like PayPal, you don’t even need to share too many details to use the service.

Similarly, Amazon Pay does not require that you enter any additional data before a transaction. You get to enjoy the efficiency and anonymity of the bitcoin cryptocurrency with real money.

On top of all that, companies invest in the quality user interface (UI). To simplify things, you’re just a few taps away from your next payment. Just fish out your phone or tablet, confirm your identity, and pay instantly.

With all that said, it’s no surprise that Indians are growingly interested in mobile wallets. They are convenient, user-friendly and save you much time. Digital purses take care of the environment as they do no,t incur any plastic or paper. We believe that the percentage of internet users in India will surge in the years to come.

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