m-pesa Archive

India’s mobile payments ecosystem is beginning to mature

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.

Mobile technology continues to expand in Africa

The latest tech is becoming increasingly promising throughout the continent as other infrastructures lag.

The majority of Africa is faced with considerable struggles in terms of its internet coverage, electricity, governance, and even poverty, but when it comes to mobile technology, most of the continent is experiencing massive growth.

The latest types of mobile tech have proven to be extremely promising for the current African environment.

The whole region is proving to be a location that is offering a tremendous amount of opportunity for mobile technology innovation. This is particularly true when it comes to categories such as m-commerce and mobile payments. Entrepreneurs, particularly those in younger age brackets – are discovering new ways to be able to benefit from this type of tech, as they help others and make a profit at the same time.

The lives of millions of people in Africa are being changed in a meaningful way due to mobile technology.

Mobile Technology - AfricaIn the category of mobile payments and banking, the number of players in the market is starting to grow, as companies start to recognize that there is a massive population that has previously be unbanked and that can be effectively served through their mobile phones.

Some of the largest success stories in the mobile sector in Africa include payment systems organizations such as Cellulant, as well as others like M-Pesa. These have made it possible for Africans to skip over the traditional shortfalls of their internet and electricity infrastructure in order to dive right into accounts that are based on the devices that the majority of them already have – cell phones.

The impact has been a large and measurable one. The economies of many countries – such as Kenya, for example – have continued to be mainly cash focused, but now include a sizeable participation in mobile payments, as well. Previously, credit and debit cards had been used by only the smallest sliver of people, leaving only cash. Now, cash is losing ground to mobile technology at an ever increasing rate. This has been helpful not only to consumers, but also to businesses, education systems, and other organizations of virtually every size.