Mobile wallet is a very young concept in India that has taken on consumer psyche rapidly. Everyone is loving mobile wallets and embracing them with open arms. Today, mobile wallet is one of the successful business ideas for start-ups. The evidence lies in the fact that it has surpassed credit cards in terms of the number of users in just a fraction of time. Vijay Shekar Sharma’s venture Paytm alone has 20 million active users. The number is higher than the cumulative number of credit cards in India. At present, there are 10-12 mobile wallet companies operating in the country.
The Reserve Bank of India (RBI) data speaks of 19.9 million credit cards issued by 55 scheduled commercial banks in India till October 2014 in which HDFC Bank has issued the highest number of credit cards – 5.6 million – followed by 3.3 million by ICICI Bank.
In a very short time the size of mobile wallet market in India grew significantly. According to a study by research firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs 350 crore and is estimated to rise to Rs 1,210 crore by 2019.
Here is a list of top mobile wallet companies in India.
PayTM is one of the fast growing companies in the mobile wallet space in India. Accroding to Vijay Shekhar Sharma, chairman and managing director of One97 Communications, which operates Paytm, Paytm, which received the mobile wallet service licence from the Reserve Bank of India last year, aims to cross the 100-million users mark by 2016..
With its mobile first strategy, Paytm does more than 30 million orders of various digital and physical goods every month. Launched in 2014, Paytm wallet is India’s dominating mobile payment service platform.