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Entry of Information Technology Companies Stimulates Indian Mobile Wallet Market

Aug 26, 2016

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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, growing Indian e-commerce market and low mobile internet tariff rate.
 
India’s leading information technology companies are entering in the Indian m-wallet market, and they are expected to capture larger market share in the near future as they have a huge customer base already. India is one of the largest software service providers, Tech Mahindra, launched India’s first NFC based digital payment ecosystem, MoboMoney in December 2015, MoboMoney is a prepaid wallet issued in the form of an NFC (Near-Field Communication) tag that frees the user from the hassle of carrying cash. The NFC technology allows radio communication between two NFC enabled devices and the tag is a small sticker type chip that works on the NFC technology. This tag is linked to the MoboMoney account. The NFC technology basically supports a variety of Use-Cases for remote as well as proximity payments and can be linked with Bank Accounts/Credit Cards/Prepaid Accounts for making payments and many other utility solutions.
 
MoboMoney allows consumers to load their wallet by paying cash at its 1000+ retail network, helping convert cash into e-cash. The money loaded into the customers’ digital wallets can then be used to Tap n pay for over the counter payments, recharges, make bill payments, as well as pay online - converting what were earlier payments done in cash, into digital payments.
 
Mobile wallet makes an individual’s day to day transactions easy by providing him the ability to securely and conveniently manage personal finances, fund transfer, purchases and perform other transactions electronically. Companies from all sectors are entering in this lucrative business. After banks and telecom companies, software service companies are ready to compete in m-wallet market by introducing advance technology platform to create an environment wherein digital payments can be accepted irrespective of form factors or service providers in an inter-operable and device-agnostic manner.
 
For FREE SAMPLE of this report visit: http://www.rncos.com/Report/IM843.htm
 
Check Related REPORTS on: http://www.rncos.com/TelecommunicationIT.htm


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