How much money did Paytm, Mobikwik, and Freecharge make from demonetization?
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According to an Assocham-RNCOS joint study, the mobile payment transaction volume is likely to register a compounded growth rate of over 90 percent to reach 153 billion by FY 2021-22. This is against only 3 billion transactions in FY 2015-16.
Mobile payment transaction value in India is also likely to register over 150% CAGR and cross Rs 2,000 trillion by FY 2021-22 from just over Rs 8 trillion as of FY 2015-16 Indian M-wallet market study said.
ALSO READ: Demonetization effect: You can book a helper to stand in ATM lines for Rs 90 with this start-up
With over one billion mobile subscribers, mobile banking segment contributed the largest share of 49% in Indian mobile payment market with over 386 million transactions worth Rs 4,000 billion in FY 2015-16, with the majority being money transfers, the study noted.
Another new payment system, UPI, is yet to be supported by most supermarkets and retail stores even though
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