Mobile wallet industry likely to grow 150% in 5 years: Capgemini

India's drive to become a less-cash economy will help the e-wallet industry grow to $4.4 bn by 2022

India’s drive to become a less-cash economy will help the mobile wallet industry grow to $4.4 billion by 2022, says Capgemini’s World Payment Report 2017.

The projection of a compound annual growth rate (CAGR) of 148 per cent over five years comes despite several industry watchers writing off the digital wallet model. They have said e-wallets would be overshadowed by the government-backed Unified Payments Interface (UPI) that allows for easy inter-bank transactions. 

Since April, there have been more than 127.9 million UPI transactions, according to the National Payments Corporation of India. Further, players in the digital wallet space such as Paytm are