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Mobiles Making India Less Cash Conscious

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The trend of Indians moving towards mobile payment and fund transfers is increasing rapidly, in current fiscal year, mobile wallets overtook mobile banking in number o transactions. mobile wallet transactions surged to 400 mn during April-November 2015. Mobile banking transactions were doubled from 98 mn during the first eight months of 2014-15 to 265 mn. At the current level, mobile-based transactions add up to 602 million, which is 83% of the 723 million cheques cleared during April-November. A year ago, this proportion was less than 30%.This rise is attributed to a fall in the number of transactions through cheques.

Vijay Shekhar Sharma, founder, Paytm said, “We have seen large amount of consumer payments now being done through mobiles”. “Business-to-business transactions use cheques or drafts. Like we saw in the smartphone growth, once consumers are familiar with wallet-led digital payments, enterprises and corporates also embrace it soon,” Sharma added. Read more

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Sweekar S

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