The mobile wallet industry is expected to maintain the pace of its current expansion with transaction volume expected to touch 32 billion by 2022 and the value of the same will be Rs 32 trillion, said a report. Value of the transactions is also expected to reach Rs 32 trillion by 2021, growing at a rate of 126 per cent, said the report by consultancy Deloitte.
The volume growth is likely to be at a compounded rate of 94 per cent, it added. As the penetration of mobile Internet and smartphones aggregate, mobile wallets, with their ease of use and convenience, are expected to continue growing in popularity, the report said. The report, however, noted that some challenges maybe posed along the way. There could be an inertia in adoption as cash transactions have been the norm for a long time.