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Mobile banking and payments market in India to 2017

  • September 2014
  • 28 pages
  • Research Capsule
Report ID: 2487197

Summary

Table of Contents


The Research Capsule report looks at the developing market for mobile payments in India with forecasts to the year 2017. The number of mobile accessible bank accounts, both by total number and household penetration rates, total value of mobile payments, average transaction sizes, and total volume of transactions are covered. The report also forecasts key technology enablers including mobile subscribers, smartphone users and platform shares.

To a large degree, the market for mobile payments in India is sparked by the government’s need to address the country’s high level of financial exclusion. Approximately half the households in the country are unbanked, leading to a large cash-only economy. One reason for this cash culture, is a significant financial infrastructure gap which makes banking extremely inconvenient for many, especially those in very rural areas that have no physical bank branches. India’s current financial infrastructure has not kept pace with recent economic advances.

The report discusses the Indian government’s eagerness to address this growing economic disparity by using the country’s mobile infrastructure and subscriber base. The Reserve Bank of India has mandated that every adult have access to a bank account by 2016. In fact, this goal of “100% financial inclusion” is so ambitious; officials realize it can only be achieved via the use of mobile banking.

Research Capsule sees opportunities for mobile network operators, banks, and device vendors – among others as banking becomes less traditional in the country. There is significant room for innovation which could allow India to leapfrog much of the world in mobile money.The report looks at following key market players: Bharati Airtel, Vodafone India, MobiKwik, My Mobile Payments Limited (MMPL), Ezetap, Mswipe.

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