モバイルウォレットのインド市場の評価：タイプ別、技術別、エンドユーザー別、地域別、機会、予測（2019年度～2033年度）

インドのモバイルウォレットの市場規模は、2025年度の191億9,000万米ドルから2033年度に517億5,000万米ドルに達すると予測され、2026年度～2033年度の予測期間にCAGRで13.20%の成長が見込まれます。市場は、スマートフォンの普及、政府が支援するデジタルの取り組み（UPI、Digital India）、eコマース取引の増加により、急速な成長を示しています。Paytm、PhonePe、Google Payなどの企業が市場を独占し、シームレスなピアツーピア（P2P）決済、請求書決済、加盟店取引を提供しています。通貨の廃止とパンデミックによる非接触の動向に後押しされ、現金からデジタル決済へのシフトがさらに加速しています。UPIは月140億件を超える取引を処理しており、フィンテックの革新、QRコード決済、農村部における金融包摂の取り組みに支えられ、市場は拡大する見通しです。

UPIはゲームチェンジャーとなりましたが、もはや単なるピアツーピアではありません。加盟店のキャッシュバック、割り勘、旅行予約、即時融資などの機能により、ウォレットが定着しています。また、より多くのインド人がデジタル経済に参加するにつれて、ウォレットは単なる決済ツールではなく、習慣として金融の顔となりつつあります。

例えば、Reserve Bank of Indiaの2024年度の年次レポートによると、インドのデジタル決済情勢は2024年度～2025年度に顕著に拡大し、全体の取引数は34.8%増加しました。Unified Payments Interface（UPI）は引き続きこの部門をリードし、小売デジタル決済全体の84%を占めました。同年度、UPIは1万1,761件の取引を処理し、その総額は2兆2,000億米ドルに達し、取引数は59.2%増、取引額は44.8%増となっています。

当レポートでは、インドのモバイルウォレット市場について調査分析し、市場規模と予測、市場力学、主要企業の情勢などを提供しています。

目次

第1章 プロジェクトの範囲と定義

第2章 調査手法

第3章 エグゼクティブサマリー

第4章 顧客の声

• 回答者の人口統計
• モバイルウォレットの認知度
• モバイルウォレットに期待される主な機能
• 主な促進要因と採用

第5章 インドのモバイルウォレット市場の見通し（2019年度～2033年度）

• 市場規模の分析と予測
  • 金額
• 市場シェアの分析と予測
  • タイプ別
    • 近接モバイル決済
    • 遠隔モバイル決済
    • P2P転送
  • 技術別
    • NFC
    • QRコード
    • MST
    • その他
  • エンドユーザー別
    • 個人
    • 企業
  • 地域別
    • 北部
    • 南部
    • 東部
    • 西部・中部
  • 市場シェア分析：企業別（上位5社とその他）（金額）（2024年度）
• 市場マップ分析（2024年度）
  • タイプ別
  • 技術別
  • エンドユーザー別
  • 地域別

第6章 需給の分析

第7章 バリューチェーン分析

第8章 ポーターのファイブフォース分析

第9章 PESTLE分析

第10章 市場力学

• 市場促進要因
• 市場の課題

第11章 市場動向と発展

第12章 収益モデル分析（ベストエフォート基準）

第13章 ケーススタディ

第14章 競合情勢

• マーケットリーダー上位5社の競合マトリクス
• 上位5社のSWOT分析
• 主要企業上位10社の情勢
  • One97 Communications Limited (Paytm)
  • PhonePe Pvt. Ltd.
  • Google LLC (Google Pay)
  • Mobikwik Technology Solutions Pvt. Ltd.
  • State Bank Buddy (State Bank of India)
  • Amazon.com, Inc. (Amazon Pay)
  • Oxigen Services India Pvt. Ltd. (Oxigen Wallet)
  • Airtel Payments Bank Limited
  • Reliance Jio Infocomm Limited (JioMoney)
  • National Payments Corporation of India

第15章 戦略的提言

第16章 調査会社について・免責事項

List of Tables

• Table 1. Competition Matrix of Top 5 Market Leaders
• Table 2. Mergers & Acquisitions/ Joint Ventures (If Applicable)
• Table 3. About Us - Regions and Countries Where We Have Executed Client Projects

List of Figures

• Figure 1. India Mobile Wallet Market, By Value, In USD Billion, FY2019-FY2033F
• Figure 2. India Mobile Wallet Market Share (%), By Type, FY2019-FY2033F
• Figure 3. India Mobile Wallet Market Share (%), By Technology, FY2019-FY2033F
• Figure 4. India Mobile Wallet Market Share (%), By End-users, FY2019-FY2033F
• Figure 5. India Mobile Wallet Market Share (%), By Region, FY2019-FY2033F
• Figure 6. By Type Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 7. By Technology Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 8. By End-users Map-Market Size (USD Billion) & Growth Rate (%), FY2025
• Figure 9. By Region Map-Market Size (USD Billion) & Growth Rate (%), FY2025

India mobile wallet market is projected to witness a CAGR of 13.20% during the forecast period FY2026-FY2033, growing from USD 19.19 billion in FY2025 to USD 51.75 billion in FY2033. The India mobile wallet market is experiencing rapid growth, driven by increased smartphone penetration, government-backed digital initiatives (UPI, Digital India), and rising e-commerce transactions. Players like Paytm, PhonePe, and Google Pay dominate the market, offering seamless peer-to-peer (P2P) payments, bill payments, and merchant transactions. The shift from cash to digital payments, fueled by demonetization and pandemic-induced contactless trends, has further accelerated adoption. With UPI processing over 14 billion monthly transactions, the market is poised for expansion, supported by fintech innovation, QR-code payments, and financial inclusion efforts in rural areas.

UPI has been the gamechanger, but it is not just about peer-to-peer anymore. Features such as merchant cashbacks, bill splitting, travel booking, and instant loans have made wallets sticky. Also, as more Indians join the digital economy, wallets are becoming the face of finance, not just a payment tool, but a habit.

For instance, India's digital payments landscape experienced remarkable expansion in FY2024-25, with overall transaction volumes increasing by 34.8%, according to the Reserve Bank of India's annual report for FY2024. Unified Payments Interface (UPI) continued to lead the sector, accounting for 84% of all retail digital payments. During the year, UPI processed over 11,761 crore transactions, totaling USD 2.20 trillion (INR 180.24 lakh crore), representing a 59.2% increase in transaction volume and a 44.8% rise in transaction value.

UPI-Enabled Ecosystem Spurs Daily Wallet Usage Aiding Market Growth

The UPI-enabled ecosystem has become a cornerstone for the rapid growth of India's mobile wallet market, driving daily usage and adoption. By enabling seamless interoperability between bank accounts and digital wallets, UPI has eliminated friction points such as mandatory wallet top-ups, making transactions instantaneous and hassle-free. This integration has been pivotal in converting occasional users into daily active users, with UPI's < 2-second transaction speed making mobile wallets the preferred choice over cards and cash for everything from kirana store purchases (30M+ merchants now accept UPI wallet payments) to metro ticketing (Bengaluru's Namma Metro saw 3x digital ticket sales post-UPI integration).

For example, in FY2024-25, the RBI (Reserve Bank of India), in their annual report, announced several enhancements to encourage wider adoption of UPI, which includes raising limits such as UPI Lite wallet limit of USD 6.00 per transaction and overall, per wallet limit of USD 24 which were increased to INR USD 12 and USD 60, respectively. UPI's zero MDR for P2P and P2M has made wallet adoption a no-brainer for kiranas, street vendors, and even cab drivers.

Embedded Financial Services Elevate Wallet Functionality Fuels Market Growth

The integration of embedded financial services is significantly enhancing mobile wallet functionality and driving market growth across India's digital payments ecosystem. Leading wallet providers have evolved far beyond basic payment tools to become comprehensive financial platforms, seamlessly integrating services such as instant credit, digital gold, insurance, and wealth management into their offerings. This transformation directly addresses the growing demand for unified financial solutions among consumers. Major players, such as Paytm, now generate a significant portion of their revenue from financial services beyond payments, including their Postpaid BNPL product and wealth management offerings. Meanwhile, PhonePe's Switch platform has successfully aggregated multiple financial services to boost user engagement.

The strategic shift to embedded finance delivers three powerful market advantages. First, it significantly increases user stickiness, with multi-service wallets demonstrating three times higher retention rates than payment-only apps. Second, it opens lucrative revenue streams beyond transaction fees, particularly important in India's low-margin digital payments landscape.

For instance, in August 2024, PhonePe launched a "Credit Line on UPI" feature, offering short-term merchant credit directly at payment checkout, catching momentum in embedded financing. They announced that the Reserve Bank of India (RBI) is expanding the scope of UPI to include pre-approved credit lines, called 'Credit Line on UPI', allowing consumers to avail of credit lines through banks and use them through their UPI apps. These embedded features are pushing wallets from being digital purses to full-stack fintech platforms.

Dominance of Individual Consumers in Wallet Usage

Individual consumers rather than businesses are overwhelmingly driving India's mobile wallet revolution, creating a unique market dynamic where personal usage dominates transaction volumes. This trend is fueled by three fundamental shifts in financial behavior: the rise of microtransactions for daily needs, such as tea and auto-rickshaw rides, the explosive growth of peer-to-peer money transfers among friends and family, and the seamless integration of wallets with social commerce platforms.

For instance, in 2024, Amazon Pay, often cited behind industry leaders PhonePe, Google Pay, and Paytm, had amassed over 100 million UPI users since its 2019 launch. This scale, built entirely through individual adoption, is proof positive that wallets are a personal financial behavior, not just merchant tools.

Key Players Landscape and Outlook

India's mobile wallet space is led by players that blend reach, loyalty, and ecosystem depth. Paytm, PhonePe, and Google Pay command the lion's share of transactions, with deep integrations in both online and offline retail. Mobikwik is strong in Tier 2-3 cities and is doubling down on credit and insurance. Amazon Pay offers high engagement through Prime integrations and cashback loops. Airtel Payments Bank, JioMoney, and SBI Buddy continue to serve telco and bank-led wallet users, although their innovation cadence lags behind that of fintech leaders. Meanwhile, UPI's integration across all wallets ensures interoperability, but loyalty still belongs to those offering convenience, rewards, and embedded financial utilities.

Table of Contents

1. Project Scope and Definitions

2. Research Methodology

3. Executive Summary

4. Voice of Customers

• 4.1. Respondent Demographics
• 4.2. Awareness of Mobile Wallet
• 4.3. Key Features Expected in Mobile Wallets
• 4.4. Key Drivers and Adoption

5. India Mobile Wallet Market Outlook, FY2019-FY2033F

• 5.1. Market Size Analysis & Forecast
  • 5.1.1. By Value
• 5.2. Market Share Analysis & Forecast
  • 5.2.1. By Type
    • 5.2.1.1. Proximity Mobile Payments
    • 5.2.1.2. Remote Mobile Payments
    • 5.2.1.3. Peer-to-Peer Transfers
  • 5.2.2. By Technology
    • 5.2.2.1. Near Field Communication
    • 5.2.2.2. QR Code
    • 5.2.2.3. Magnetic Secure Transmission
    • 5.2.2.4. Others
  • 5.2.3. By End-users
    • 5.2.3.1. Individual
    • 5.2.3.2. Businesses
  • 5.2.4. By Region
    • 5.2.4.1. North
    • 5.2.4.2. South
    • 5.2.4.3. East
    • 5.2.4.4. West and Central
  • 5.2.5. By Company Market Share Analysis (Top 5 Companies and Others - By Value, FY2024)
• 5.3. Market Map Analysis, FY2024
  • 5.3.1. By Type
  • 5.3.2. By Technology
  • 5.3.3. By End-users
  • 5.3.4. By Region

6. Demand Supply Analysis

7. Value Chain Analysis

8. Porter's Five Forces Analysis

9. PESTLE Analysis

10. Market Dynamics

• 10.1. Market Drivers
• 10.2. Market Challenges

11. Market Trends and Developments

12. Revenue Model Analysis (Best Effort Basis)

13. Case Studies

14. Competitive Landscape

• 14.1. Competition Matrix of Top 5 Market Leaders
• 14.2. SWOT Analysis for Top 5 Players
• 14.3. Key Players Landscape for Top 10 Market Players
  • 14.3.1. One97 Communications Limited (Paytm)
    • 14.3.1.1. Company Details
    • 14.3.1.2. Key Management Personnel
    • 14.3.1.3. Products and Services
    • 14.3.1.4. Financials (As Reported)
    • 14.3.1.5. Key Market Focus and Geographical Presence
    • 14.3.1.6. Recent Developments/Collaborations/Partnerships/Mergers and Acquisition
  • 14.3.2. PhonePe Pvt. Ltd.
  • 14.3.3. Google LLC (Google Pay)
  • 14.3.4. Mobikwik Technology Solutions Pvt. Ltd.
  • 14.3.5. State Bank Buddy (State Bank of India)
  • 14.3.6. Amazon.com, Inc. (Amazon Pay)
  • 14.3.7. Oxigen Services India Pvt. Ltd. (Oxigen Wallet)
  • 14.3.8. Airtel Payments Bank Limited
  • 14.3.9. Reliance Jio Infocomm Limited (JioMoney)
  • 14.3.10. National Payments Corporation of India

Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.

15. Strategic Recommendations

16. About Us and Disclaimer