Hyderabad, December 29, 2016:(UNI) Post-demonetisation, the average wallet spend for retail has witnessed a huge jump and was expected to increase from Rs 500-700 prior to Rs 2,000-10,000 in the near term, according to the joint study by The Associated Chambers of Commerce & Industry of India (ASSOCHAM) and RNCOS.
“The mobile wallet market in India has been greatly benefited by demonetisation and its share in the total mobile payment volume transactions is likely to rise from 20 per cent in FY16 to 57 per cent by FY22,” the study titled ‘M-wallet: Scenario post-demonetisation,” said.
“The government has hinted of not remonetising all of the scrapped currency and aims to fill the gap by promoting digital/cashless payment mode, this is bound to further boost prospects for M-wallet sector in India,” said Mr D S Rawat while releasing the study at a press conference here today along with Mr Shushmul Maheshwari, CEO & founder, RNCOS and Mr Babu Lal Jain, Chairman of the ASSOCHAM National Council on Cyber & Network Security.
M-wallet transactions in India are likely to grow at a compounded annual growth rate (CAGR) of over 160 per cent to rise from just over half a billion in FY16 to 260 billion by FY22 driven by growing usage of smartphones, robust mobile internet penetration, growth of e-commerce sector together with increasing disposable incomes.
While in value terms, the m-wallet transactions in India have grown about 20 times to reach Rs 206 billion in FY16 from Rs 10 billion in FY13, the study highlighted.
United News of India
