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市場調查報告書
商品編碼
1778342

行動電子錢包的印度市場評估:類別，各技術，各終端用戶，各地區，機會，預測(2019年度～2033年度)

India Mobile Wallet Market Assessment, By Type, By Technology, By End-users, By Region, Opportunities and Forecast, FY2019-FY2033F
出版日期: | 出版商: Markets & Data | 英文 130 Pages | 商品交期: 3-5個工作天內

價格

印度行動錢包市場預計將從 2025 財年的 191.9 億美元增長至 2033 財年的 517.5 億美元，預測期內（2026 財年 - 2033 財年）的複合年增長率為 13.20%。由於智慧型手機的普及、政府支持的數位化計畫（統一支付介面 (UPI)、 "數位印度" 計畫）以及電子商務交易的不斷增長，該市場呈現快速成長態勢。 Paytm、PhonePe 和 Google Pay 等公司佔據市場主導地位，提供無縫的點對點 (P2P) 支付、帳單支付和商家交易服務。受疫情引發的廢鈔和非接觸式支付趨勢的推動，從現金支付向數位支付的轉變正在進一步加速。 UPI 每月處理超過 140 億筆交易，預計在金融科技創新、QR編碼支付和農村金融包容性舉措的支持下，市場規模還將擴大。

UPI 改變了遊戲規則，但它已不再只是點對點支付。錢包正變得越來越普遍，擁有商家回饋、帳單分攤、旅遊預訂和即時貸款等功能。隨著越來越多的印度人參與數位經濟，錢包已不再只是支付工具，而是成為習慣和金融的代表。

例如，印度儲備銀行 2024 年年度報告發現，印度的數位支付格局從 2024 財年到 2025 財年顯著擴張，總交易量增加了 34.8%。統一支付介面 (UPI) 繼續引領該領域，佔所有零售數位支付的 84%。同年，UPI 處理了 11,761 筆交易，總額達 2.2 兆美元，交易量增加 59.2%，交易金額成長 44.8%。

本報告對印度行動錢包市場進行了全面分析，包括市場規模及預測、市場動態以及主要參與者概況。

目錄

第1章 計劃的範圍和定義

第2章 調查手法

第3章 摘要整理

第4章 客戶的迴響

  • 受訪者的人口統計
  • 行動電子錢包的認知度
  • 行動電子錢包期待的主要功能
  • 主要的促進因素與採用

第5章 印度的行動電子錢包市場預測(2019年度～2033年度)

  • 市場規模的分析與預測
    • 金額
  • 市場佔有率的分析與預測
    • 類別
      • 接近手機付款
      • 遠隔手機付款
      • P2P傳輸
    • 各技術
      • NFC
      • QR編碼
      • MST
      • 其他
    • 各終端用戶
      • 個人
      • 企業
    • 各地區
      • 北部
      • 南部
      • 東部
      • 西部·中部
    • 市場佔有率分析:各企業(前五名公司和其他)(金額)(2024年度)
  • 市場地圖分析(2024年度)
    • 類別
    • 各技術
    • 各終端用戶
    • 各地區

第6章 供需的分析

第7章 價值鏈分析

第8章 波特的五力分析

第9章 大環境分析

第10章 市場動態

  • 推動市場要素
  • 市場課題

第11章 市場趨勢與發展

第12章 收益模式分析(best effort基準)

第13章 案例研究

第14章 競爭情形

  • 前五名市場領導公司的競爭矩陣
  • 前五名公司的SWOT分析
  • 前十大主要企業的形勢
    • One97 Communications Limited (Paytm)
    • PhonePe Pvt. Ltd.
    • Google LLC (Google Pay)
    • Mobikwik Technology Solutions Pvt. Ltd.
    • State Bank Buddy (State Bank of India)
    • Amazon.com, Inc. (Amazon Pay)
    • Oxigen Services India Pvt. Ltd. (Oxigen Wallet)
    • Airtel Payments Bank Limited
    • Reliance Jio Infocomm Limited (JioMoney)
    • National Payments Corporation of India

第15章 策略性建議

第16章 關於調查公司·免責聲明

Product Code: MX13773

India mobile wallet market is projected to witness a CAGR of 13.20% during the forecast period FY2026-FY2033, growing from USD 19.19 billion in FY2025 to USD 51.75 billion in FY2033. The India mobile wallet market is experiencing rapid growth, driven by increased smartphone penetration, government-backed digital initiatives (UPI, Digital India), and rising e-commerce transactions. Players like Paytm, PhonePe, and Google Pay dominate the market, offering seamless peer-to-peer (P2P) payments, bill payments, and merchant transactions. The shift from cash to digital payments, fueled by demonetization and pandemic-induced contactless trends, has further accelerated adoption. With UPI processing over 14 billion monthly transactions, the market is poised for expansion, supported by fintech innovation, QR-code payments, and financial inclusion efforts in rural areas.

UPI has been the gamechanger, but it is not just about peer-to-peer anymore. Features such as merchant cashbacks, bill splitting, travel booking, and instant loans have made wallets sticky. Also, as more Indians join the digital economy, wallets are becoming the face of finance, not just a payment tool, but a habit.

For instance, India's digital payments landscape experienced remarkable expansion in FY2024-25, with overall transaction volumes increasing by 34.8%, according to the Reserve Bank of India's annual report for FY2024. Unified Payments Interface (UPI) continued to lead the sector, accounting for 84% of all retail digital payments. During the year, UPI processed over 11,761 crore transactions, totaling USD 2.20 trillion (INR 180.24 lakh crore), representing a 59.2% increase in transaction volume and a 44.8% rise in transaction value.

UPI-Enabled Ecosystem Spurs Daily Wallet Usage Aiding Market Growth

The UPI-enabled ecosystem has become a cornerstone for the rapid growth of India's mobile wallet market, driving daily usage and adoption. By enabling seamless interoperability between bank accounts and digital wallets, UPI has eliminated friction points such as mandatory wallet top-ups, making transactions instantaneous and hassle-free. This integration has been pivotal in converting occasional users into daily active users, with UPI's < 2-second transaction speed making mobile wallets the preferred choice over cards and cash for everything from kirana store purchases (30M+ merchants now accept UPI wallet payments) to metro ticketing (Bengaluru's Namma Metro saw 3x digital ticket sales post-UPI integration).

For example, in FY2024-25, the RBI (Reserve Bank of India), in their annual report, announced several enhancements to encourage wider adoption of UPI, which includes raising limits such as UPI Lite wallet limit of USD 6.00 per transaction and overall, per wallet limit of USD 24 which were increased to INR USD 12 and USD 60, respectively. UPI's zero MDR for P2P and P2M has made wallet adoption a no-brainer for kiranas, street vendors, and even cab drivers.

Embedded Financial Services Elevate Wallet Functionality Fuels Market Growth

The integration of embedded financial services is significantly enhancing mobile wallet functionality and driving market growth across India's digital payments ecosystem. Leading wallet providers have evolved far beyond basic payment tools to become comprehensive financial platforms, seamlessly integrating services such as instant credit, digital gold, insurance, and wealth management into their offerings. This transformation directly addresses the growing demand for unified financial solutions among consumers. Major players, such as Paytm, now generate a significant portion of their revenue from financial services beyond payments, including their Postpaid BNPL product and wealth management offerings. Meanwhile, PhonePe's Switch platform has successfully aggregated multiple financial services to boost user engagement.

The strategic shift to embedded finance delivers three powerful market advantages. First, it significantly increases user stickiness, with multi-service wallets demonstrating three times higher retention rates than payment-only apps. Second, it opens lucrative revenue streams beyond transaction fees, particularly important in India's low-margin digital payments landscape.

For instance, in August 2024, PhonePe launched a "Credit Line on UPI" feature, offering short-term merchant credit directly at payment checkout, catching momentum in embedded financing. They announced that the Reserve Bank of India (RBI) is expanding the scope of UPI to include pre-approved credit lines, called 'Credit Line on UPI', allowing consumers to avail of credit lines through banks and use them through their UPI apps. These embedded features are pushing wallets from being digital purses to full-stack fintech platforms.

Dominance of Individual Consumers in Wallet Usage

Individual consumers rather than businesses are overwhelmingly driving India's mobile wallet revolution, creating a unique market dynamic where personal usage dominates transaction volumes. This trend is fueled by three fundamental shifts in financial behavior: the rise of microtransactions for daily needs, such as tea and auto-rickshaw rides, the explosive growth of peer-to-peer money transfers among friends and family, and the seamless integration of wallets with social commerce platforms.

For instance, in 2024, Amazon Pay, often cited behind industry leaders PhonePe, Google Pay, and Paytm, had amassed over 100 million UPI users since its 2019 launch. This scale, built entirely through individual adoption, is proof positive that wallets are a personal financial behavior, not just merchant tools.

Key Players Landscape and Outlook

India's mobile wallet space is led by players that blend reach, loyalty, and ecosystem depth. Paytm, PhonePe, and Google Pay command the lion's share of transactions, with deep integrations in both online and offline retail. Mobikwik is strong in Tier 2-3 cities and is doubling down on credit and insurance. Amazon Pay offers high engagement through Prime integrations and cashback loops. Airtel Payments Bank, JioMoney, and SBI Buddy continue to serve telco and bank-led wallet users, although their innovation cadence lags behind that of fintech leaders. Meanwhile, UPI's integration across all wallets ensures interoperability, but loyalty still belongs to those offering convenience, rewards, and embedded financial utilities.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customers

  • 4.1. Respondent Demographics
  • 4.2. Awareness of Mobile Wallet
  • 4.3. Key Features Expected in Mobile Wallets
  • 4.4. Key Drivers and Adoption

5. India Mobile Wallet Market Outlook, FY2019-FY2033F

  • 5.1. Market Size Analysis & Forecast
    • 5.1.1. By Value
  • 5.2. Market Share Analysis & Forecast
    • 5.2.1. By Type
      • 5.2.1.1. Proximity Mobile Payments
      • 5.2.1.2. Remote Mobile Payments
      • 5.2.1.3. Peer-to-Peer Transfers
    • 5.2.2. By Technology
      • 5.2.2.1. Near Field Communication
      • 5.2.2.2. QR Code
      • 5.2.2.3. Magnetic Secure Transmission
      • 5.2.2.4. Others
    • 5.2.3. By End-users
      • 5.2.3.1. Individual
      • 5.2.3.2. Businesses
    • 5.2.4. By Region
      • 5.2.4.1. North
      • 5.2.4.2. South
      • 5.2.4.3. East
      • 5.2.4.4. West and Central
    • 5.2.5. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
  • 5.3. Market Map Analysis, FY2024
    • 5.3.1. By Type
    • 5.3.2. By Technology
    • 5.3.3. By End-users
    • 5.3.4. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Market Dynamics

  • 10.1. Market Drivers
  • 10.2. Market Challenges

11. Market Trends and Developments

12. Revenue Model Analysis (Best Effort Basis)

13. Case Studies

14. Competitive Landscape

  • 14.1. Competition Matrix of Top 5 Market Leaders
  • 14.2. SWOT Analysis for Top 5 Players
  • 14.3. Key Players Landscape for Top 10 Market Players
    • 14.3.1. One97 Communications Limited (Paytm)
      • 14.3.1.1. Company Details
      • 14.3.1.2. Key Management Personnel
      • 14.3.1.3. Products and Services
      • 14.3.1.4. Financials (As Reported)
      • 14.3.1.5. Key Market Focus and Geographical Presence
      • 14.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
    • 14.3.2. PhonePe Pvt. Ltd.
    • 14.3.3. Google LLC (Google Pay)
    • 14.3.4. Mobikwik Technology Solutions Pvt. Ltd.
    • 14.3.5. State Bank Buddy (State Bank of India)
    • 14.3.6. Amazon.com, Inc. (Amazon Pay)
    • 14.3.7. Oxigen Services India Pvt. Ltd. (Oxigen Wallet)
    • 14.3.8. Airtel Payments Bank Limited
    • 14.3.9. Reliance Jio Infocomm Limited (JioMoney)
    • 14.3.10. National Payments Corporation of India

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer

List of Tables

  • Table 1. Competition Matrix of Top 5 Market Leaders
  • Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
  • Table 3. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

  • Figure 1. India Mobile Wallet Market, By Value, In USD Billion, FY2019-FY2033F
  • Figure 2. India Mobile Wallet Market Share (%), By Type, FY2019-FY2033F
  • Figure 3. India Mobile Wallet Market Share (%), By Technology, FY2019-FY2033F
  • Figure 4. India Mobile Wallet Market Share (%), By End-users, FY2019-FY2033F
  • Figure 5. India Mobile Wallet Market Share (%), By Region, FY2019-FY2033F
  • Figure 6. By Type Map-Market Size (USD Billion) & Growth Rate (%), FY2025
  • Figure 7. By Technology Map-Market Size (USD Billion) & Growth Rate (%), FY2025
  • Figure 8. By End-users Map-Market Size (USD Billion) & Growth Rate (%), FY2025
  • Figure 9. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2025