Mon. Jun 14th, 2021

Mobile Banking Market in India Market
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.

Click Here To Get Free Sample Report or PDF Copy Now!

The Mobile Banking Market in India Market report consists details regarding market segments such as types of products, technology usage, different dynamics of the products and services offered, various application areas, geographical regions, and more. The segmentation delivers specific pieces of information which makes it relevant and useful for variety of readers. This report shed brighter light on few more important aspects with keen interest and wholistic approach.

Top Key players of Mobile Banking Market in India Market Covered In The Report:

• 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

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.

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.

Factors such as industry value chain, key consumption trends, recent patterns of customer behaviors, overall spending capacity analysis, market expansion rate, etc. The report also incorporates premium quality data figures associated with financial figures of the industry including market size (in USD), expected market size growth (in percentage), sales data, revenue figures and more. This might enable readers to reach quicker decisions with data and insights at hand.

Moving ahead, the Mobile Banking Market in India Market report entails overview of the major companies considered to be the significant market contributors. This includes details regarding factors such as market share, financial overview, product portfolio, deals, mergers, acquisitions, recent news feed and more. This may assist companies, professionals and teams to develop strategies which may prove itself beneficial for growth. The Mobile Banking Market in India Market is considered to be competitive industry and this report attempts to include entire competition dashboard with ultimate quality data numbers and informative insights.

Buy Latest Copy of Report Now! @
https://www.qurateresearch.com/report/buy/BnF/mobile-banking-market/QBI-NTS-BnF-710374/

While concluding, the Mobile Banking Market in India Market report shares significant details related with dynamics of the industry such as growth driving factors, market opportunities, perceived threats, market forecast data, factors expected to hinder growth rates in future, etc. Also, it shares report conclusion, report findings and suggestions at the end.

What is the objective of the report?
-To deliver comprehensive analysis of the industry through study of important aspects such as market size, current situations, and companies impacting growth.
-To make readers aware about recent development.
-To offer historic data figures for strategists and key decision makers.

Which are the key components covered in the Mobile Banking Market in India Market report?
-Market Size Study, Market Expansion Projections
-Market Diversity Analysis
-Key Dynamics of the Industry
-Growth Hacking aspects of the market
-Geographical Spread of the industry

Why shall one buy this report?
-To attain every piece of information through the extracts, tables, figures and infographics.
-To find out recent updates, news feed regarding key companies of the Mobile Banking Market in India Market.

Any query? Enquire Here For Discount Or Report Customization

Contact Us:

Web:www.qurateresearch.com
E-mail:[email protected]
Ph: US – +13393375221

Follow Us @

LinkedIn

Twitter

Note: In order to provide more accurate market forecast, all our reports will be updated before delivery by considering the impact of COVID-19.

https://farmingsector.co.uk/

By nehal