Demonetization: A Push to Mobile Wallet Industry

Demonetization: A Push to Mobile Wallet Industry
Author(s):
Esha Kapoor
Keywords:

Abstract
The Indian m-wallet industry has reported a tremendous growth in the recent years and is presenting ample opportunities to the industry players. Demonetization has escalated the awareness regarding the different payment methods among consumers resulting in Indian m-wallet market reaching a different level. Demonetization in India has proved as a lucrative opportunity for m-wallet players; these companies got flooded with millions of transactions and amplified the number of users. The average wallet spending for retail transactions was about INR 500-700 prior to demonetization and now this figure has increased to INR 2,000- 10,000. The paper talks about how demonetization has benefited m-wallet as well as mobile banking industry in India. It also focuses on how cash is still predominant in Indian economy and the market dynamics that act as catalysts towards boosting the industry’s growth. It further highlights the competitive landscape of the Indian m-wallet market and its sources of revenue generation.
Article Details
Unique Paper ID: 147077 Publication Volume & Issue: Volume 5, Issue 4 Page(s): 18 - 23
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