Mobile VAS: Riding the next wave of growth for digital India
Date: Wednesday , February 08, 2017
Headquartered in New Delhi, Intex is a major player in consumer durables & IT accessories. With immense experience and years of innovation, the brand exhibits an exhaustive portfolio of ranging from mobile handsets, multimedia speakers, LED TVs, washing machines to name a few.
India is on its way to become a digital economy in times to come. There are multiple influencers - like growing internet penetration in Tier-II, III and rural segments, smartphone adoption, exploration of new ideas from generation next and adoption rates of 4G Technology as a whole - which are catalysing this growth and paving the success road for Indian digital economy.
The mobile digital services market in India has tremendous potential to grow and with constant innovation, it has been catapulting the digital service ecosystem with steady pace and innovative product incubations. As India has been witnessing a massive surge in the adoption of digital services, MVAS has emerged as one of the key drivers for growth of the smartphone segment. These services embrace optimal results for enhancing the business value by improving overall customer experience with engaging and easy access. Today, a lot of smartphone companies are eyeing on consumer behaviour patterns to understand their pulse. Both smartphone giants and budget smartphones are concentrating more on the dynamics of consumer behaviour and needs by creating a service ecosystem which results in business profitability and growth.
Creation of this ecosystem also rides on the closely knit market environment which involves multiple stakeholders like operators, content players and various other solution developers with whom we intend to work closely and create a synergy for everyone.
The vision and focus has been, and will always be around device experience and user whose needs and preferences keep evolving constantly. Riding on the same core vision, Intex is dedicated to offer a plethora of utility and entertainment services which will be deeply integrated within the device OS for easy use and accessibility.
As our long term strategy, we would be integrating multiple digital solutions for the user which will be useful for helping the user with various regular micro moments he/she goes through every day - like doing a recharge, listening to a song, catching up with the latest news byte, watching a video or booking a cab or just simple browsing the device.
One of the key factors that will further enhance the ecosystem is developing these services, considering the hybrid demographic segmented market, which prefers consuming content and accessing device in the local language; so localisation within a device would be the key.
Creating Experiences - A Paradigm Shift to M-Wallets
Couple of years back, when there was a lack of supporting infrastructure, mobile wallets had started with just mobile rechargers and offline payments at physical stores. Hence, it was still at nascent stage and options were limited. But today, with a major revolution afoot across India, consumers of the 21st century have become even more tech-savvy and are aware of the changing trend. According to Research & markets\' trends & Forecast report, the Indian MVAS market is expected to grow at a CAGR of 18.5 percent during the period 2015-2020. With the increasing rise of smartphones and tablets, the demand of MVAS has brought the growth opportunities for a lot of content related players, mobile manufacturing players and telecom players in the market. The smartphone usage and digital services adoption by consumers is also gradually increasing in the country riding on the growing internet penetration and consumer centric price strategies. So, the need of offering a one-stop solution experience with integrated functionalities in handsets will drive the growth of mobile value added services.
Our Indian consumers look for convenience and speed, hence brands have realised that the convenience of making payments on the go is a new mode of payment. Currently, India\'s mobile wallet market is projected to exhibit exponential growth in the usage of payment service and is expected to reach $6.6 billion by 2020, stated Techsci Research report. Today, where consumers are technologically aware about mobile payments, there is a need for m-wallet companies to sync with their consumers\' demands. The usage of mobile wallet is growing across various categories such as money transfers, banking transactions, mobile recharges and bill payments, booking of tickets, other utility applications, etc. So, companies are constantly offering attractive deals and incentives to attract new customers.
In order to maintain and build upon a strong digital service ecosystem, mobile providers and operators will have to focus on VAS technology, consumer experience and personalised offerings. This will only empower consumers to pay more for what they need at their fingertips, creating a whole new destination of services on-the-go!
Why Must Consumers Utilize Mobile Value Added Services?
MVAS companies have been quick in adapting to its consumers\' needs. Given the fact, users are always seeking for something extra - so why not they invest in additional services? With the increasing adoption of 3G with introduction of 4G networks, VAS will likely offer a wide range of options. Here\'s how consumers benefit from MVAS:
Easy transactions anytime, anywhere
Addition to voice offered via a mobile platform, e.g. short message service (SMS) and multimedia message services.
A broad categorisation of products/services is offered
Great incentives that can be redeemed by consumers
Domestic Remittance for migrants and unbanked consumer
Future: MVAS Will Build the Digital Service Ecosystem
As of now, a large number of banking services and telecom companies have entered into the mobile wallet market in India. Tier-I cities such as the metros have been the early users of mobile wallet market for shopping, money transfer, mobile recharge and payments. Now, the mobile wallet trend is gaining momentum in Tier II cities as well. So, it will be exciting sphere and phase to foray into.
In conclusion, India\'s digital future lies with the consumer, technology and how various stake holders want to synergies with each other for creating a viable business environment. If today, consumers have a platform that offers m-payments and other utility and entertainment services bouquet at ease, tomorrow they may ask for something new. The craving for new products is always there! Each and every company needs to frequently keep a finger on the pulse of the market, be creative and innovative their products. With increased consumer capability, eyeing on a long-term strategy will help built the engagement and loyalty relationships. That\'s the way ahead!