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市场调查报告书
商品编码
1778342

行动电子钱包的印度市场评估:类别，各技术，各终端用户，各地区，机会，预测(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个工作天内

价格

印度行动钱包市场预计将从 2025 财年的 191.9 亿美元增长至 2033 财年的 517.5 亿美元，预测期内（2026 财年 - 2033 财年）的复合年增长率为 13.20%。由于智慧型手机的普及、政府支持的数位化计画（统一支付介面 (UPI)、 "数位印度" 计画）以及电子商务交易的不断增长，该市场呈现快速成长态势。 Paytm、PhonePe 和 Google Pay 等公司占据市场主导地位，提供无缝的点对点 (P2P) 支付、帐单支付和商家交易服务。受疫情引发的废钞和非接触式支付趋势的推动，从现金支付向数位支付的转变正在进一步加速。 UPI 每月处理超过 140 亿笔交易，预计在金融科技创新、QR编码支付和农村金融包容性举措的支持下，市场规模还将扩大。

UPI 改变了游戏规则，但它已不再只是点对点支付。钱包正变得越来越普遍，拥有商家回馈、帐单分摊、旅游预订和即时贷款等功能。随着越来越多的印度人参与数位经济，钱包已不再只是支付工具，而是成为习惯和金融的代表。

例如，印度储备银行 2024 年年度报告发现，印度的数位支付格局从 2024 财年到 2025 财年显着扩张，总交易量增加了 34.8%。统一支付介面 (UPI) 继续引领该领域，占所有零售数位支付的 84%。同年，UPI 处理了 11,761 笔交易，总额达 2.2 兆美元，交易量增加 59.2%，交易金额成长 44.8%。

本报告对印度行动钱包市场进行了全面分析，包括市场规模及预测、市场动态以及主要参与者概况。

目录

第1章 计划的范围和定义

第2章 调查手法

第3章 摘要整理

第4章 客户的迴响

  • 受访者的人口统计
  • 行动电子钱包的认知度
  • 行动电子钱包期待的主要功能
  • 主要的促进因素与采用

第5章 印度的行动电子钱包市场预测(2019年度～2033年度)

  • 市场规模的分析与预测
    • 金额
  • 市场占有率的分析与预测
    • 类别
      • 接近手机付款
      • 远隔手机付款
      • P2P传输
    • 各技术
      • NFC
      • QR编码
      • MST
      • 其他
    • 各终端用户
      • 个人
      • 企业
    • 各地区
      • 北部
      • 南部
      • 东部
      • 西部·中部
    • 市场占有率分析:各企业(前五名公司和其他)(金额)(2024年度)
  • 市场地图分析(2024年度)
    • 类别
    • 各技术
    • 各终端用户
    • 各地区

第6章 供需的分析

第7章 价值链分析

第8章 波特的五力分析

第9章 大环境分析

第10章 市场动态

  • 推动市场要素
  • 市场课题

第11章 市场趋势与发展

第12章 收益模式分析(best effort基准)

第13章 案例研究

第14章 竞争情形

  • 前五名市场领导公司的竞争矩阵
  • 前五名公司的SWOT分析
  • 前十大主要企业的形势
    • 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 策略性建议

第16章 关于调查公司·免责声明

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