India mobile payment to exceed $11bn by 2022

India’s mobile wallet market is projected to reach $11.5 billion by 2022, according to 6Wresearch.

It said the growth of the market depends on spreading awareness to potential customers, RBI regulations, the shift toward mobile transactions especially in Tier 2 cities and the government’s ‘Digital India’ project.

Rajat Kharbanda, senior consultant, research and consulting, 6Wresearch, said: “In the past two years, many players have entered this arena and more are expected in the coming years. Radio taxi players such as OLA and Uber have enabled payment through mobile wallet to offer cashless drive to its customers.”

He said the main areas for mobile payments were: money transfer, recharge, bills payments and ticketing.