Assocham pegs mobile-wallet business at Rs 30,000 crore in six years
Industry body Assschom believes that the demonetisation drive is likely to push a lot of people towards digital wallets for the good. It said that the mobile wallet market is likely to reach Rs 30,000 crore by 2022.
Assocham said, “M-wallet market is expected to grow at a compounded annual growth rate (CAGR) of 141% during the period between 2015-16 to 2021-22 and reach till Rs 300 billion or Rs 30,000 crore by the end of FY 2022 driven by growing usage of smartphones, robust mobile internet penetration, growth of e-commerce sector together with increasing disposable incomes.”
In FY16, Indian m-wallet market was around Rs 1.54 billion or Rs 154 crore. Besides, in FY16, total m-wallet transaction was 0.6 billion.
The study had categorised m-wallet market into three – money transfers from wallet to wallet, bank to wallet and vice versa accounting for 38% share, recharge and bill payments for mobile, DTH, landline, electricity and other such services holding 31% and the remaining share of 31% is captured by online shopping, hotel/travel/movie ticket reservations, online food order, payment of insurance premium, recharging metro rail card and others.
During FY16, the mobile wallet services contributed 21% share in mobile payment volume transactions. Looking at the growth trajectory, its share in total mobile payment volume is expected to increase to 79% by FY22, Assocham said.
Assocham suggested, “The m-wallet companies must develop a common platform for their application to save money and time as this would ultimately result in reduction in cost and expansion in user base and hence revenue.”
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Retirement Planning: SIP+SWP combination; Rs 15,000 monthly SIP for 25 years and then Rs 1,52,000 monthly income for 30 years
Retirement Calculator: 40 years of age, Rs 50,000 monthly expenses; what should be retirement corpus and monthly investment
SBI 444-day FD vs Union Bank of India 333-day FD: Know maturity amount on Rs 4 lakh and Rs 8 lakh investments for general and senior citizens
EPF vs SIP vs PPF Calculator: Rs 12,000 monthly investment for 30 years; which can create highest retirement corpus
Home loan EMI vs Mutual Fund SIP Calculator: Rs 70 lakh home loan EMI for 20 years or SIP equal to EMI for 10 years; which can be easier route to buy home; know maths
12:03 PM IST