Fearing worst, mobile wallets plan to diversify; loses 45% of user base

Fintech players are now either completely pivoting towards or finding other businesses to stay relevant

If the Reserve Bank of India’s (RBI) representative data on prepaid payment instruments (PPI)—a chunk of which is made up by mobile wallets—are anything to go by, it could soon be game over for many players.

The last few months have been hard on digital wallets which had a short-lived dream run post-demonetisation. According to RBI data on PPIs, while in January they collectively clocked Rs 38.3 billion in transactions, the numbers fell to Rs 36.5 billion in February. While the March numbers are still not out, the numbers might fall again as many users have stopped using mobile wallets after