India’s Mobile Wallet Transactions Will Reach Rs 800 Billion by the End of 2017: GlobalData

According to a leading data and analytics company, Global Data the mobile wallet transaction is expected to increases by 8 billion INR which shows a growth of 113% in comparison to previous year. And the growth is expected to grow further in years to come. Though Indian government is emphasizing on electronic payments, it also has guidelines to ensure the security of money transaction through the wallet. This emphasis has caused a sudden rise in the use of mobile wallet transaction in the country especially during demonetization of Indian currency. The lack of available cash notes compelled the consumers to go for e-wallet transactions and which lead to a surge in demand of companies offering e-wallet transaction system. there are plenty of digital marketing companies available for the consumers such as Airtel money, PhonePay, PayUMoney, paytm and much more, several banks also have entered the market of electronic transactions such as state bank buddy, ICICI pocket etc. and hence it becomes immensely important for Indian government to regulate the working of these companies for safer transactions. The guideline passed by RBI includes mandatory KYC complaints prepaid payment instruments (PPIs). These e-wallets are available both on the web as well as in the form of applications for easier transactions. The features of this technology include money transfer from wallet to wallet, wallet to the bank account and transaction through UPI, it also includes bill payments and recharges. The main cause of the rise in the use of e-wallets is ease of transaction, instant payments, 24*7 availability, and also safety to the consumer. Though the transaction is limited to certain amount of money per day for several e-wallet companies,the ease and flexibility cannot be ignored for the surge in demand.

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