Mumbai: 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 Rs32 trillion, said a report. Value of the transactions is also expected to reach Rs32 trillion by 2021, growing at a rate of 126%, said the report by consultancy Deloitte. 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. There could be an inertia in adoption as cash transactions have been the norm for a long time. Further, the report said security breaches and frauds leading to financial losses are big factors in adoption of digital payment technologies.

Source: Mint August 25, 2017 16:30 UTC