Tag: india

India’s mobile payments ecosystem is beginning to mature

| January 15, 2016

Mobile payments continue to see strong growth throughout India, largely due to the availability of mobile wallets

India’s mobile commerce ecosystem is maturing at a rapid pace. In 2015, consumers throughout the country began realizing the benefits associated with mobile payments technology. The most notable benefit of this technology can be found in mobile wallets, which serve as digital versions of their physical counterparts. These wallets can be used to store a wealth of information, including financial details and special deals being offered by merchants. Mobile wallets have helped power the growth of the mobile payments space in India.

Mobile wallets have become quite popular with consumers

Currently, there are 12 mobile wallets available in India, coming from Paytm, MobiKwik, Oxigen, M-Pesa, and mRupee. Throughout India, some 125 million people use these mobile wallets, with Paytm accounting for the largest share of these consumers. Research and consultancy firm RNCOS recently released a study concerning the mobile wallet market in India. The study found that Indian consumers are quite interested in mobile payments, which has lead to a dramatic rise in the demand for digital wallets.

Mobile wallet market expected to reach $183 million by 2019

Mobile Payments Mature in IndiaAccording to the study from RNCOS, India’s mobile wallet market currently stands at $53 million. The market is expected to reach $183 million by 2019. Several companies are beginning to provide mobile payments services to consumers. As more people gain access to smartphones and tablets, they are becoming more active in the mobile commerce space. This has created an incentive for retailers and other businesses to support mobile payments in order to effectively engage consumers that are becoming increasingly mobile-centric.

More consumers are gaining access to smartphones and bank accounts

Some 400 million new consumers will have smartphones and bank accounts in the near future, making India a very attractive mobile commerce market. Retailers and financial institutions are expected to take advantage of this by offering new services that appeal to the needs of consumers. Competition may ensure that innovation comes to the mobile payments market, allowing mobile wallets to become more capable than they are currently.

Flipkart invests in growing mobile games firm Mech Mocha

| January 13, 2016

Flipkart has invested funds into Mech Mocha in order to help the company grow in India

E-commerce giant Flipkart has announced provided funding to Mech Mocha, a mobile gaming company based in India. Flipkart has taken a strong interest in the mobile space, particularly where commerce is involved, but is beginning to show stronger support for mobile games. In November of last year, Flipkart invested in MadRat Games and the company continues to show favor for innovative mobile game developers, such as Mech Mocha.

Funding will help Mech Mocha develop new mobile games

The funding from Flipkart will allow Mech Mocha to expand its development team. The funding will also allow Mech Mocha to develop new mobile games that will be released in the Indian market. The firm also intends to support mobile commerce, to some degree, implementing a back-end platform which will support social media and mobile payment solutions. Mech Mocha has found a significant degree of success in India’s mobile gaming space, which is beginning to grow quickly as more consumers gain access to smartphones and the mobile Internet.

Mobile gaming is growing quickly in India

Mobile Games - Company InvestmentAccording to Mech Mocha, more than 400,000 people have installed its games in India. The Indian online gaming industry, which includes the mobile sector, is expected to reach $3 billion in value by 2018, growing from its current value of $1 billion. Developers from other countries are beginning to show interest in the Indian market due to accelerating smartphone penetration. As more consumers gain access to mobile devices, they are looking for new and convenient forms of entertainment. As such, they are turning to mobile games.

More developers are beginning to focus on the mobile space

Mobile games have vast potential in terms of revenue generation and the overall game industry is becoming more involved in the mobile space as a result. Some companies that have been devoted to developing games for traditional consoles have begun to focus exclusively on producing mobile games. These companies see mobile gaming as a very valuable opportunity that cannot be passed up, especially in thriving markets like India.