Mobile Payments Market in India Grew More Than 15 Times Over the Last 4 Years; Proximity Payments Still Nascent

With more than 900 million mobile subscribers, India has a burgeoning desire for internet on mobile, and the same should be expected for payments and commerce on mobile. Although mobile payments have been available in India since 2010, only a small fraction of the mobile users make payments through mobile devices. Companies such as mChek and Beam Money who were early innovators in the space have already closed down.

Earlier mobile transactions involved typing out complicated SMS messages for making payments. Furthermore, the whole process of payment was dependent on the telecom network. However, with increased smartphone penetration, app and wallet based payment solutions, the problem of dependence on network operators and the complexity in sending SMS to enable payments have been addressed. According to a recent report by Gro ...

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