Tie-ups and innovation to drive mobile wallet growth

How companies are looking to arrest a decline in the number of transactions following a sudden hike after demonetisation

After the sudden high of cashless payments triggered by demonetisation of high-value currency notes a year ago, there has been a decline in mobile wallet transactions lately. For example, according to Reserve Bank of India (RBI) data, there was a three per cent dip in in the number of transactions using prepaid payment instruments, which include mobile wallets, in August (261.1 million) compared to July (270.2 million) this year. As the Indian mobile wallet market — projected by Capgemini to grow to $4.4 billion by 2020 — gets more crowded, service providers are looking at innovation and tie-ups to stay