There are too many e-wallets in India and most are near-empty
With Indians increasingly taking to e-payments for their transactions, routine or otherwise, the mobile wallet industry has been growing rapidly in the country.
Big opportunities have opened up, with an estimated 95% of all transactions being done in cash till at least November 2016, when the government demonetised two high-value currency notes, sucking out almost 86% of the money in circulation (by value) in the economy.
While the Indian e-wallet industry’s size stood at an estimated Rs154 crore in 2015-16, it is expected to zoom to Rs30,000 crore by the end of 2021-22. And everyone, from financial technology companies to banks to the government-backed National Payments Corporation of India, is scrambling for a share of that pie.