Adoptions rise, but mobile wallets still less than 1% of all digital transactions in India
The number of transactions using mobile wallets had increased in India however the percentage of amount paid via this cashless mode was abysmal in the last fiscal year.
After the government banned old Rs 1000 and Rs 500 notes which lead to a shortage of physical cash people resorted to cashless ways which boosted volume and value transactions on mobile wallets like Paytm, MobiKwik and even PayU. However cash transactions have been restored to its pre-demonetisation levels.
Digital payment transaction volumes amounted to 2100 crore in FY17 with a total value of transaction of Rs 2,295 lakh crore.
Photo courtesy of World Bank Photo Collection.