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Mobile wallet is a very young concept in India that has taken on consumer psyche rapidly. Everyone is loving mobile wallets and embracing them with open arms. Today, mobile wallet is one of the successful business ideas for start-ups. The evidence lies in the fact that it has surpassed credit cards in terms of the number of users in just a fraction of time. Vijay Shekar Sharma’s venture Paytm alone has 20 million active users. The number is higher than the cumulative number of credit cards in India. At present, there are 10-12 mobile wallet companies operating in the country.
Also Read: India moving towards Cashless Economy
The Reserve Bank of India (RBI) data speaks of 19.9 million credit cards issued by 55 scheduled commercial banks in India till October 2014 in which HDFC Bank has issued the highest number of credit cards – 5.6 million – followed by 3.3 million by ICICI Bank.
In a very short time the size of mobile wallet market in India grew significantly. According to a study by research firm RNCOS, the current Indian market size for mobile wallet (m-wallet) stands at about Rs 350 crore and is estimated to rise to Rs 1,210 crore by 2019.