인도의 모바일 지갑 시장 규모는 2025년 191억 9,000만 달러에서 2033년 517억 5,000만 달러에 달할 것으로 예상되며, 2026-2033년의 예측 기간 동안 연평균 13.20%의 성장률을 보일 것으로 예측됩니다. 시장은 스마트폰 보급, 정부 지원 디지털 이니셔티브(UPI, Digital India), 전자상거래 거래 증가로 인해 빠른 성장세를 보이고 있습니다. Paytm, PhonePe, Google Pay 등의 기업이 시장을 독점하고 있으며, 원활한 P2P(Peer-to-Peer) 결제, 청구서 결제, 가맹점 거래를 제공합니다. 화폐 폐지와 팬데믹으로 인한 언택트 트렌드에 힘입어 현금에서 디지털 결제로의 전환이 더욱 가속화되고 있습니다. UPI는월140억 건 이상의 거래를 처리하고 있으며, 핀테크 혁신, QR 코드 결제, 농촌 지역 금융 포용 노력에 힘입어 시장은 더욱 확대될 것으로 보입니다.
UPI는 게임 체인저가 되었지만, 더 이상 단순한 P2P가 아닙니다. 가맹점 캐시백, 분할 결제, 여행 예약, 즉시 대출 등의 기능으로 지갑이 정착되고 있습니다. 또한, 더 많은 인도인들이 디지털 경제에 참여함에 따라 지갑은 단순한 결제 도구가 아닌 습관으로서 금융의 얼굴이 되어가고 있습니다.
예를 들어, Reserve Bank of India의 2024년도 연례 보고서에 따르면, 인도의 디지털 결제 환경은 2024년-2025년도에 눈에 띄게 확대되어 전체 거래 건수가 34.8% 증가하였습니다. 통합 결제 인터페이스(Unified Payments Interface, UPI)가 전체 소매 디지털 결제의 84%를 차지하며 이 부문을 계속 주도하고 있습니다. 같은 해에 UPI는 1만 1,761건의 거래를 처리했고, 총 거래액은 2조 2,000억 달러에 달했으며, 거래 건수는 59.2%, 거래액은 44.8% 증가했습니다.
인도의 모바일 지갑(Mobile Wallet) 시장에 대해 조사 분석했으며, 시장 규모와 예측, 시장 역학, 주요 기업 개요 등의 정보를 전해드립니다.
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.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.