The Indian m-wallet market is expected to grow at a compounded annual growth rate (CAGR) of 141% to reach Rs 30,000 crore by the end of 2021-22, a study by ASSOCHAM and RNCOS indicated.
The growth, during 2015-16 to 2021-22, would be driven by growing usage of smartphones, robust mobile internet penetration, growth of e-commerce sector together with increasing disposable incomes.
The Indian m-wallet market in 2015-16 was around Rs 154 crore. It is also anticipated that the market value of m-wallet transactions in India will grow at a CAGR of 154% during FY16 to FY22, and reach Rs 55 lakh crore from Rs 20,600 crore.
The study was titled
'Indian m-wallet market: Forecast 2022'.
While mobile wallet service contributed to 21% share in mobile payment volume transactions in FY16, its share is expected to increase to 79% by FY22, the study said.
