India Mobile Banking Market Research Report 2023 offers a comprehensive analysis of the market, including business opportunities, growth, and trend analysis for various applications, types, and regions such as North America, Europe, Asia-Pacific, South America, Middle East, and Africa. The report delves into important producers, market developments, opportunities, challenges, and threats to the market as a whole. It is a 100+ page report that provides a detailed examination of growth statistics, opportunities, trends and the competitive landscape in the industry.
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In India, mobile banking activities have surged over the years, with an increasing number of consumers adopting digital tools to monitor their finances. Mobile banking facilities are provided across the country by ~96,068 scheduled commercial banks (SCBs), through wireless application protocol (WAP), short message systems (SMS) and unstructured supplementary service data (USSD). In recent years, several government initiatives and the launch of payment systems like unified payment interface (UPI) and Bharat interface for money (BHIM) have resulted in increased use of mobile banking.
In FY 2019, INR 29,584.07 Bn amount funds were transferred, using mobile banking, thus increasing at a compound annual growth rate (CAGR) of ~131.21% from INR 1,035.30 Bn in FY 2015. In FY 2019, SCBs recorded the highest growth in mobile banking transactions (~43.17%), based on value, between February 2019 and March 2019. Based on volume, SCBs recorded highest growth (~24.66%) between August 2018 and September 2018 in mobile banking. Major players currently operating in the Indian mobile banking market include Axis Bank Limited, HDFC Bank Limited, Kotak Mahindra Bank Limited and State Bank of India.
Key growth drivers of the market
The demonetization of the 500 and 1000 currency notes in November 2016 was aimed at transforming India into a cashless economy. Through initiatives like Digital India, the government plans to empower the country technologically, by improving online infrastructure and internet connectivity. Services like banking and utility bill payments are being made accessible to Indians through online platforms, both in urban and rural areas. As a result, a large part of the Indian population now has turned to mobile banking for fund transfer.
With the introduction of mobile banking channels, customers can avail banking services any time of the day. The installation of a single app makes the various types of banking facilities easily accessible. The instant responses obtained from the mobile banking apps like emPower (Allahabad Bank), Axis Mobile (Axis Bank), Baroda mPassbook (Bank of Baroda), and BOI mobile (Bank of India), improve customers experiences. Owing to such benefits, customers preference has shifted in favour of mobile banking from branch-based banking.
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Key deterrents to the growth of the market
As much as the increased adoption of wireless Internet and mobile data connection has driven mobile banking facilities, it has also led to a rise in fraudulent activities in both the public sector and private banks across the country. Since fund transfer has become easy through mobile banking platforms, the young generation nowadays use application-based mobile banking channels for making miscellaneous digital payments. In the process, chances of data breach and fraudulent activities are high due to successful interoperability. Increased cases of cybercrimes in India have developed fear among the existing, as well as the potential mobile banking app users to adopt digital transaction processes, thus impeding the growth of the mobile banking market in India.
Companies covered
Allahabad Bank Limited
Axis Bank Limited
Bank of Baroda Limited
Bank of India Limited
Housing Development Finance Corporation (HDFC) Bank Limited
Industrial Credit and Investment Corporation of India (ICICI) Bank Limited
Industrial Development Bank of India (IDBI) Limited
Kotak Mahindra Bank Limited
Punjab National Bank Limited
State Bank of India Limited
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Our most recent research report showcases the thriving expansion of the India Mobile Banking Market and offers in-depth insights into the projected market size, share, and revenue until 2030.
The report addresses the following key questions regarding the India Mobile Banking market:
- What is the expected growth rate of the market in the upcoming years and what factors are driving this growth?
- How do consumers perceive and adopt different types of India Mobile Banking in the market?
- How are regulatory policies and government initiatives impacting the growth of the India Mobile Banking market?
- What is the market share of the top 5 players in the India Mobile Banking market and how is it likely to change in the future?
- What are the latest technologies and innovations in the India Mobile Banking market and how are they shaping the industry landscape?
- How do macroeconomic factors such as inflation, GDP, and exchange rates affect the India Mobile Banking market?
- What are the challenges related to the supply chain and logistics that India Mobile Banking market players face and how are they addressing them?
- How is the changing consumer behavior and preferences influencing the dynamics of the India Mobile Banking market?
- What are the potential risks and uncertainties associated with investing in the India Mobile Banking market, and how can they be mitigated?
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of India Mobile Banking market revenues on a global, regional, and country level, projecting trends until 2030. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the India Mobile Banking market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the India Mobile Banking market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate India Mobile Banking business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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