Mobile Phone Penetration in India to Touch 100% in 2015

As per a survey report by ASSOCHAM (The Associated Chambers of Commerce and Industry of India), in India – the fastest growing mobile market, mobile phones are the perfect medium for payments due to the booming retail market and nearly 100 per cent mobile penetration. A growing middle class with over 300 million people and their increasing disposable income has led the retail market to grow exponentially.

India has more than 720 million subscribers. Mobile operators compete to retain customers with innovative applications and value added services. By 2015, mobile phone penetration stands to touch about 100 per cent.

Currently 67 per cent of retail transactions in India is conducted in cash. All non-cash payment modes like credit cards, debit cards and multiple mobile payment solutions appeal to a small section.

Stakeholders involved in the development of mobile payments ecosystems are the Reserve Bank of India (RBI), network operators, financial institutions and technology providers. The RBI has allowed non-banks to issue mobile payment instruments to end users. The daily limits set for mobile transactions have also been increased recently.

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