Will Mobile Wallets Gain Currency in India
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Will Mobile Wallets Gain Currency in India?
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Transcript of Will Mobile Wallets Gain Currency in India
Will Mobile Wallets Gain Currency in India?
Mobile Wallets: An OverviewWhat is a Mobile Wallet?
A mobile wallet is a mobile-aided virtual
wallet.
How do I use a Mobile Wallet?
In order to use a mobile wallet, you will
have to sign-up with one of the many
mobile wallet service providers. And
preload the account with money. With
two to three simple steps, mobile wallets
offer users the convenience of
transacting across online and offline
merchants listed with the mobile wallet
service provider.
Mobile Wallet Usage StatisticsCurrent User Base:
140 – 150 Million Users
Projected Growth – 2016 - 2019:
30% CAGR
Transactions Registered:
255 Million (in 2014 – 15)
Value of Transactions:
Rs.8,148 Crores
YoY Growth in Transactions:
13%
Mobile Wallet Segments
There are four Broad Mobile
Wallet Segments:
A. Money Transfer B. Banking Transactions
C. Value Added Services (Ticketing, Mobile Recharge, etc.)
D. Bill Payments
Mobile Wallet Segments – Market Share
Money Transfer
Banking Transactions
Value Added Services
Bill Payments
38%
20%
12%
30%
Growth Drivers – Small Retailers
The current phase of growth is
driven by e-commerce players…
To Drive the next
phase of growth:
Wallet services
should bring small
retailers into the
merchant fold to
give consumers
greater access.
Growth Drivers – Merchant Ecosystem
A robust Merchant Ecosystem, spanning across diverse
categories, is crucial to drive the next wave of growth…
Growth Drivers – Upper Threshold
Upper Threshold: Per RBI guidelines, mobile wallets can
be loaded with currency below Rs.10,000 with a minimum
Know Your Customer (KYC) Requirement.
Mobile wallet service providers have requested that this
threshold be raised from the current level to Rs.1 Lakh.
Growth Drivers - Security
Cyber Security is a challenge the world-over. Wallet providers should
take concrete steps to assuage user concerns on this front.
Growth Drivers – Adoption of Aadhaar
Seamless data availability should make mobile
wallet authentication more efficient.
Growth Drivers - Accessibility
India has over 145 Million unbanked families
Mobile wallet services will do well to tap into this
large base with innovative outreach mechanisms
Mobile Internet Usage
Source: IAMAI -
http://www.iamai.in/PRelease_detail.aspx?nid=3240&NMonth=1
&NYear=2014
Mobile Internet users will swell to 371 Mn by June, 2016 (per data from IAMAI). With improving data access, access quality, increase in smartphone penetration, and falling device and data prices, the mobile payments sector has all the ingredients to turbo-charge growth in India.
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