Product Code: ETC011624 | Publication Date: Aug 2023 | Updated Date: Feb 2025 | Product Type: Report | |
Publisher: 6Wresearch | No. of Pages: 70 | No. of Figures: 35 | No. of Tables: 5 | |
India Wallet market currently, in 2023, has witnessed an HHI of 1644, Which has decreased slightly as compared to the HHI of 2479 in 2017. The market is moving towards moderately competitive. Herfindahl index measures the competitiveness of exporting countries. The range lies from 0 to 10000, where a lower index number represents a larger number of players or exporting countries in the market while a large index number means fewer numbers of players or countries exporting in the market.
The India wallet market size was valued at USD 2.67 billion in 2025 and is expected to reach a value of USD 8.05 billion by 2031, growing at a compound annual growth rate (CAGR) of 19.2% during the forecast period from 2025 to 2031. The increasing penetration of internet services, rising mobile phone users, and awareness regarding digital payments are some of the major factors driving the growth of this market in India.
The key drivers for the growth of this market include increase in disposable income levels amongst consumers, Government initiatives such as Demonetisation & GST implementation which has increased transparency within businesses making it mandatory for them to adopt e-payment solutions. Additionally, convenience associated with digital wallets coupled with rapid smartphone adoption and rising trend towards cashless payments have also been instrumental in propelling demand for digital wallets across India over recent years.
Despite continued efforts by government bodies such as RBI & NPCI to encourage e-payments through schemes & incentives related to additional discounts & offers on card transactions; high costs associated with setting up payment infrastructure along with complex procedures remain major challenges hindering further adoption rates among merchants/ retailers across India. In addition lack of consumer awareness about security guidelines remains another factor restraining end user acceptance throughout country?s rural areas where majority still prefer traditional methods like cash when performing financial transactions .
The evolving social media landscape combined with advancements made in FinTech technologies have resulted into introduction of newer business models enabling customers make instant payments without using any banking products or accounts while availing services offered by online streaming platforms , food delivery apps etc . Furthermore leveraging Artificial intelligence(AI) technology players operating within Indian wallet industry are now able to offer personalized insights based upon customer spending patterns helping them manage their finances efficiently . Moreover companies providing wallet services have started focusing on creating strategic partnerships / alliances offering customers various benefits such as reward points , insurance coverages etc thus increasing their value proposition leading wider scale utilization throughout country?s population.
Paytm , MobiKwik , PhonePe , Freecharge , Airtel Money etc are some key players operating within Indian Wallet Market ..
1 Executive Summary |
2 Introduction |
2.1 Key Highlights of the Report |
2.2 Report Description |
2.3 Market Scope & Segmentation |
2.4 Research Methodology |
2.5 Assumptions |
3 India Wallet Market Overview |
3.1 India Country Macro Economic Indicators |
3.2 India Wallet Market Revenues & Volume, 2021 & 2031F |
3.3 India Wallet Market - Industry Life Cycle |
3.4 India Wallet Market - Porter's Five Forces |
3.5 India Wallet Market Revenues & Volume Share, By Product Type, 2021 & 2031F |
3.6 India Wallet Market Revenues & Volume Share, By Material, 2021 & 2031F |
3.7 India Wallet Market Revenues & Volume Share, By Gender, 2021 & 2031F |
3.8 India Wallet Market Revenues & Volume Share, By Distribution Channel, 2021 & 2031F |
4 India Wallet Market Dynamics |
4.1 Impact Analysis |
4.2 Market Drivers |
4.3 Market Restraints |
5 India Wallet Market Trends |
6 India Wallet Market, By Types |
6.1 India Wallet Market, By Product Type |
6.1.1 Overview and Analysis |
6.1.2 India Wallet Market Revenues & Volume, By Product Type, 2021-2031F |
6.1.3 India Wallet Market Revenues & Volume, By Short Wallet, 2021-2031F |
6.1.4 India Wallet Market Revenues & Volume, By Long Wallet, 2021-2031F |
6.2 India Wallet Market, By Material |
6.2.1 Overview and Analysis |
6.2.2 India Wallet Market Revenues & Volume, By Leather, 2021-2031F |
6.2.3 India Wallet Market Revenues & Volume, By Fabric, 2021-2031F |
6.3 India Wallet Market, By Gender |
6.3.1 Overview and Analysis |
6.3.2 India Wallet Market Revenues & Volume, By Men, 2021-2031F |
6.3.3 India Wallet Market Revenues & Volume, By Women, 2021-2031F |
6.3.4 India Wallet Market Revenues & Volume, By Kids, 2021-2031F |
6.4 India Wallet Market, By Distribution Channel |
6.4.1 Overview and Analysis |
6.4.2 India Wallet Market Revenues & Volume, By Online, 2021-2031F |
6.4.3 India Wallet Market Revenues & Volume, By Offline, 2021-2031F |
7 India Wallet Market Import-Export Trade Statistics |
7.1 India Wallet Market Export to Major Countries |
7.2 India Wallet Market Imports from Major Countries |
8 India Wallet Market Key Performance Indicators |
9 India Wallet Market - Opportunity Assessment |
9.1 India Wallet Market Opportunity Assessment, By Product Type, 2021 & 2031F |
9.2 India Wallet Market Opportunity Assessment, By Material, 2021 & 2031F |
9.3 India Wallet Market Opportunity Assessment, By Gender, 2021 & 2031F |
9.4 India Wallet Market Opportunity Assessment, By Distribution Channel, 2021 & 2031F |
10 India Wallet Market - Competitive Landscape |
10.1 India Wallet Market Revenue Share, By Companies, 2024 |
10.2 India Wallet Market Competitive Benchmarking, By Operating and Technical Parameters |
11 Company Profiles |
12 Recommendations |
13 Disclaimer |