“Affordable handsets, cash back & discounts, Growth of e-commerce Industry 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, low mobile internet tariff rate and recently announced demonetization.
The mobile wallet has been serving the need for instant cash in an electronic form for sundry transactions, will soon offer instant loan facility for short term to its customers. This micro-credit programme enables users to subscribe for small loans, and m-wallet companies get interest in return. An eligible user will get the loan instantly credited to the wallet. Users will be allowed to take loans in excess of INR 5,000.
The mobile wallet companies are tying up with commercial banks and Non-Banking Finance Companies (NBFCs) to roll out this service, which will analyze the history of the users before crediting the loan. Mobile wallet companies, on their own, cannot give loans. Several companies have started their pilot projects already, and Mobikwik is one of them.
It is expected that the interest rate and duration of the loan will be competitive, and will depend on the user profile and history — between 15 and 30 days. The date of repayment will be intimated to customers, so that minimum wallet balance required for auto-debit is maintained.
Also, one of the oldest players in the market, Citrus pay, which is recently acquired by Pay U money, is planning to launch a new solution “Lazypay”, to become an underwriter of transactions by charging consumers on a fortnightly basis, for transacting with merchants. The consumers would be able to buy grocery, cinema tickets and food under this platform conveniently, and the settlements will be made by Citrus Pay to merchants immediately. However, this solution will be offered to customers with good credit scores, which Citrus Pay derives with the help of its analytics engine.
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RNCOS is a leading industry research and consultancy firm incorporated in 2002. As a pioneer in syndicate market research, our vision is to be a global leader in the industry research space by providing research reports and actionable insights to companies across a range of industries such as Healthcare, IT and Telecom and Retail etc. We offer comprehensive industry research studies, bespoke research and consultancy services to Fortune 1000, Trade associations, and Government agencies worldwide.