Mobile Banking Market 2022 | Industry Demand, Consumption Status, Revenue – Muleskinner

Quadintel has published a new report on the Mobile banking market. The research report contains detailed information about demand, growth, opportunities, challenges and restraints. Also, it provides an in-depth analysis of the structure and possibility of global and regional industries.

In India, mobile banking has grown over the years with an increasing number of consumers adopting digital tools to monitor their finances. Mobile banking services are provided across the country by approximately 96,068 Regular Commercial Banks (SCBs), via 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 Money Interface (BHIM) have led to increased usage of mobile banking services.

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In financial year 2019, funds amounting to INR 29,584.07 billion were transferred using mobile banking, growing at a compound annual growth rate (CAGR) of approximately 131.21% from INR 1,035.30 billion in FY2015. In FY2019, SCBs saw the highest growth in mobile services. banking transactions (~43.17%), in value, between February 2019 and March 2019. In volume, SCBs recorded the highest growth (~24.66%) between August 2018 and September 2018 in mobile banking. The major players currently operating in the Indian mobile banking market are Axis Bank Limited, HDFC Bank Limited, Kotak Mahindra Bank Limited and State Bank of India.

Key Market Growth Drivers

The demonetization of 500 and 1000 banknotes in November 2016 aimed to turn India into a cashless economy. Through initiatives such as Digital India, the government plans to strengthen the country technologically, improving online infrastructure and internet connectivity. Services such as bank and utility bill payments are being made accessible to Indians through online platforms in both urban and rural areas. As a result, a large portion of the Indian population has turned to mobile banking services for transferring funds.
With the introduction of mobile banking market channels, customers can enjoy banking services at any time of the day. Installing a single application makes the different types of banking services easily accessible. Instant responses from mobile banking apps such as emPower (Allahabad Bank), Axis Mobile (Axis Bank), Baroda mPassbook (Bank of Baroda) and BOI mobile (Bank of India) enhance the customer experience. Due to these advantages, customer preference has shifted in favor of mobile banking instead of branch banking.

The main obstacles to market growth

As much as the increased adoption of wireless internet and mobile data connection has boosted mobile banking, it has also led to an increase in fraudulent activity in public sector and private banks across the country. Since transferring funds has become easy through mobile banking platforms, the younger generation today uses app-based mobile banking channels to make various digital payments. In the process, the risks of data breach and fraudulent activities are high due to successful interoperability. The increase in cyber crime cases in India has created fear among existing and potential users of mobile banking applications to adopt digital transaction processes, thus hampering 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 Company (HDFC) Bank Limited
Indian Credit and Industrial Investment Corporation (ICICI) Bank Limited
Industrial Development Bank of India (IDBI) Limited
Kotak Mahindra Bank Limited
National Bank of Punjab Limited
State Bank of India Limited

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Contents:

  • Market overview
  • Market definition and scope
  • Market dynamics
  • Market industry analysis
  • Market, regional analysis
  • Analysis of leading companies
  • Competitive intelligence
  • Research process
  • Market analysis and forecast, by product type

What aspects regarding the regional analysis market are included in this report?

  • Geographical regions covered in the report include North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa region.
  • The report consists of a detailed analysis by region of current and future market trends, providing information on product usage and consumption.
  • The growth rate of the market in each region including their countries during the forecast period is included in the market report.
  • On the basis of what factors are the major market players assessed in this report?
  • The report offers a detailed analysis of the major companies in the market across the globe.
  • It provides details of major vendors involved in the market including key players
  • A comprehensive overview of each business, including company profile, revenue generated, commodity prices and
  • the products produced are included in the report.
  • Facts and figures about market competitors along with the viewpoints of major market players are presented in the report.
  • Recent developments, mergers and acquisitions related to the major players mentioned are provided in the market report.

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