This will lead mobile wallet business to explore, it will also restrict those market barriers which directly want to introduce ‘app only’ sale.
M-wallets are quite similar like saving bank account that can easily start through mobile phones.
There are number of banks like yes bank, axis bank, who too are thinking to launch this m-wallet because this will help to grow the business faster among the youth and affluent who tend to prefer more online shopping.
It is assumed that m-wallet user are around 10 crore however few of them may not be active.
SBI with 20 % of whole market has 28.6 crore customers out of which 2.3 crore are net banking and 1.6 remaining are mobile banking customers.
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