Demonetisation of high value currency notes last year gave a big push to mobile wallets. India’s mobile wallet transactions were up nine-fold in two years to reach $9 billion as of April 2017, according to an estimate by New York-based financial services firm Morgan Stanley.
However, mobile wallets are still not the preferred mode for online/mobile payments. Urban internet users prefer net banking, debit cards, credit cards and even cash on delivery to mobile wallets, according to an ET-RICS Retail Banking report.
In the report, internet banking emerges as the most preferred mode of online/mobile transactions followed by debit and credit cards. Mobile wallets still have a long way to go in the Indian market.