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Indian mobile payments predicted to register 200-fold growth by 2022 to USD 3 trln - report

Tuesday 15 September 2015 11:55 CET | News

Mobile payment in the country is expected to grow 200 times by 2022 to over USD 3 billion, and will benefit IT, telecom, banking and mobile wallet companies, a recent research study reveals.

Indian mobile payments market entails not only opportunities (for banks, telcos and new players) but also threats (due to dis-intermediation, more to the traditional banks), according to a recent report issued by Bank of America Merrill Lynch, ndtv.com reports. Mobile banking valuation is expected to rise from the current USD 16 billion to more than USD 3 billion, the report highlights.

By 2022, mobile payments will form 10% of the total payments in India, which was just 0.1%t in the 2015 financial year. With the evolution of alternate payment methods, the report expects payment though paper to fall below 2%, but it expects gradual reduction of cash from the economy and said e-payments will help to soften lending rates and support growth over time. Banks are aggressively launching an integrated digital platform, have large customer base and market leadership, and are expected to be the biggest gainers.


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Keywords: mobile payments, forecast, online payments, Customers, internet, digital, virtual, increase, growth
Categories: Payments & Commerce
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Countries: World
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