Mobiles Making India Less Cash Conscious

Comments Off on Mobiles Making India Less Cash Conscious 14

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

Tagged with: , ,
Sweekar S

View all contributions by Sweekar S

Website: http://blog.tonsetelecom.com/

Similar articles

Get in Touch

Phone: +91 80 4093 6921
Web: www.tonsetelecom.com