Mobile payment transaction value in India is also likely to register over 150% CAGR and cross INR 2.000 trillion by FY22 from just over INR 8 trillion as of FY16, according to a study titled “Indian M-wallet market”, jointly conducted by ASSOCHAM and research company RNCOS.
With over one billion mobile subscribers, India has a promising potential for internet on mobile and the same is expected for payments and business transactions on mobile.
Mobile banking segment contributed largest share of 49% in Indian mobile payment market with over 386 million transactions worth INR 4.000 billion in FY16, with majority being money transfers, the study noted.
Besides, share of mobile banking in mobile payment market has increased from 8% in FY14 to 49% in FY16.
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