Report highlights the beneficial impact that better mobile technology and Internet connectivity will have on the country
New mobile payments technology and the expansion of a 4G mobile network will have a major impact on India’s economy this year, according to a new report from Union Budget. India’s mobile infrastructure has been growing at a fast pace, largely due to growing smartphone penetration and the rising demand for mobile Internet access. The expansion of this infrastructure will make it easier for consumers to take advantage of new payment services and other programs that add convenience to their lives.
Mobile commerce is growing in power
Mobile commerce may become particularly popular in India as mobile networks become more capable throughout the country. Many consumers have already shown strong support for mobile payments, favoring online shopping platforms as they look to purchase products that they are interested in. India is currently home to one of the most attractive and fastest growing mobile commerce markets in the world, but lack of a comprehensive Internet infrastructure has slowed the adoption of new payment services throughout the country, especially in rural areas.
Companies are working to make the Internet more accessible to consumers
Telecommunications companies have been working to improve their fiber optic networks, ensuring that consumers have access to high speed Internet service. With 4G connectivity becoming more available, more consumers are opting to shop online with their mobile devices. The continued expansion of these networks may have a significant impact on India’s economy, as consumers begin to make use of a wide variety of online services. Mobile payments may also become a very influential force in the retail sector, pressuring merchants to embrace better mobile services in order to effectively connect with consumers.
Consumers are becoming more involved in the mobile commerce space
Mobile commerce has become particularly popular among Indian consumers that travel frequently and are heavily reliant on their mobile devices. These consumers believe that shopping online is more convenient than visiting a physical store and are more likely to spend money online through their smartphones and tablets. Better mobile payments services are likely to improve the overall shopping experience, further securing the growth of the mobile commerce space.