India mobile payment to exceed $11bn by 2022

Posted On: 15-02-2020

INDIA - Mobile payments increased more than 130% in 2014/15 compared with the previous year in India, as smartphones and tablets penetration grows.

India mobile wallet market is projected to reach $11.5 billion by 2022, According to 6Wresearch.

It said the growth of the market depends on spreading awareness to potential customers, RBI regulations, the shift toward mobile transactions especially in Tier 2 cities and the government's 'Digital India' project.

Rajat Kharbanda, senior consultant, research and consulting, 6Wresearch, said: "In the past two years, many players have entered this arena and more are expected in the coming years. Radio taxi players such as OLA and Uber have enabled payment through the mobile wallets to offer cashless drive to its customers."

He said the main areas for mobile payments were: money transfer, recharge, bills payments, and ticketing.

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Media Courtesy : Research Live