M-wallet market value likely to touch Rs 275L-crore by 2022: Study

MUMBAI: Transactions through mobile wallets are expected to form the bulk of payments in the next 10 years with their market value set to grow 211% annually between 2016 and 2022, a joint study by industry lobby Assocham and market research firm RNCOS has revealed.

Reduced prices of Internet due to intense competition, cheaper smartphones, advancement of new technologies such as 4G and the demonetisation of old Rs 500 and Rs 1,000 notes will result in the market value of m-wallets reaching Rs 275 lakh crore by 2022, it found.

According to the study, the average wallet spend for retail, which was Rs 500-700 prior to the government’s demonetisation announcement, is expected to increase to Rs 2,000-10,000. The share of m-wallet in the total mobile payments volume is expected to rise to 57% by 2022 from 20% in 2016.