Entry of Banks Stimulates Indian Mobile Wallet Market

“Affordable handsets, cash back & discounts and low mobile internet tariff rate will thrive the m-wallet market”, Says RNCOS

According to a new research report by RNCOS entitled, “Indian M-Wallet Market Forecast 2022”, the m-wallet has gained huge popularity in past couple of years due to its attractive benefits and convenience. The major growth drivers of the industry are Introduction of new services, increasing smartphone users, increasing penetration of mobile internet, affordable handsets and low mobile internet tariff rate.

Mobile wallet is a virtual wallet service provided by certain service providers, wherein people can load a certain amount of money that can be spent at online and offline merchants listed with the mobile wallet service provider. This digital payment service works as a cashless payment service, wherein people do not have to pay cash or swipe their debit or credit card at offline merchants.

India’s 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. India’s 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 are 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 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 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.

For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM843.htm

Check Related REPORTS on: http://www.rncos.com/TelecommunicationIT.htm


Contact Details

Company Name: RNCOS E-Services Pvt. Ltd.
Issued By: Shushmul Maheshwari
Phone: 1204224700
Address: G-199 Sector 63
City: Noida
State: Uttar Pradesh
Zip: 201301
Country: India
Website: Visit the website

Keywords : Indian M-Wallet Market Forecast, Indian M-Wallet Market report, indian m-wallet market analysis,

by Shushmul Maheshwari (few months ago!)

Latest Press Releases

Text My Main Number Announced Landline Texting Helps Businesses To Improve Customer Satisfact..

Mobile Spray Tan Company In San Diego Announces New Under An Hour Response Service.

Local Austin Locksmith Now offers Home Security Audits in Response to the Increase in Bump Ke..

SMMFans Instagram Following Have Grown 20% in Sixty Days

LED Video Walls Market Global Industry Analysis Trends, and Forecast

End-point Security Market: Global Industry Trend Analysis 2012 to 2016 and Forecast 2017-2025

False Eyelashes Industry: Global Survey, Trends, Outlook, Overview and 2023 Forecast

Global Next-Generation Sequencing Market Research Report 2017 to 2021

Industrial Safety Gloves 2017 Annual Growth Value, Market Trends : Hartalega ,Latexx, MCR Saf..

Global Healthcare Gamification For Pharmaceutical Market 2017 – Apple, FitBit, Jawbone, Nike

Remove this press release ?

Due to extra work required to remove the press-releases we have started charging $1.99 for press release removal.

Your press release will be removed in 24 hours, once the payment has been received.

Search Press Release
e.g. Business, Computer, etc.