TechNavio’s analysts forecast the Mobile Commerce market in India to grow at a CAGR of 71.06% over the period 2012-2016. One of the key factors contributing to this market growth is the growth in mobile subscriptions. The Mobile Commerce market in India has also been witnessing government and regulatory support. However, the data security concerns of end-users could pose a challenge to the growth of this market.
The key vendors dominating this market space are Bharti Airtel Ltd., mCheck India Payment Systems Pvt. Ltd., PayMate India Pvt. Ltd., and State Bank of India. Other vendors mentioned in the report include Vodafone India, ICICI Bank Ltd., and Union Bank of India.
Commenting on the report, an analyst from TechNavio’s Telecom team said: ”The Mobile Commerce market in India is witnessing increasing collaboration between service providers and banks. Most of the mobile service operators are having tie-ups with leading banking service providers to provide mobile payment facilities. For instance, Bharti Airtel and Axis Bank have a partnership for providing banking services through the Airtel Money platform. Similarly, Vodafone India has signed agreements with ICICI bank to launch mobile payment services. Such collaborations and partnerships are expected to grow and will support the market to grow.”
According to the report, using mobile payment systems, consumers can make payments without being bound by time and location constraints. With the help of mobile broadband and NFC or radio-frequency identifiers (RFID)-enabled mobile devices, payments can be made directly using a smartphone or indirectly through a credit or debit card. This has made the payment procedure easier and more convenient for end-users. Mobile commerce also simplifies banking services and enables the provision of banking services in rural areas at minimal cost.
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