‘Mobile Wallet’ market to touch 30,000 crores by the year 2022: Ravi Shankar Prasad

Ravi Shankar Prasad tweeted this image from his official twitter handle. (Source: Twitter/@rsprasad)

Union Law Minister Ravi Shankar Prasad on Thursday announced that the ‘Mobile Wallet’ market in India is expected to swell up to Rs 30,000 crores by 2022. In a tweet on Thursday, Prasad said, “Projections show that India’s cashless economy is going to be huge. Mobile Wallet market may become  Rs 30,000 Cr by 2022.”  The tweet comes after Finance Minster Arun Jaitley’s statement today when he said the Opposition needs to accept that habits of the people are changing and they are frequently using cards for payments.

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“Some of the banks have already had a lot of success, contrary to argument which is made within the political system that Indians are not well adapted to this mode. I think political life of India has to accept that right under our nose, people are changing as far as their habits are concerned,” he said.

Jaitley, while speaking to the media, also asked the banks  to promote digital banking in “mission mode”, and said the the main objective behind the demonetisation scheme was to curtail the use of physical currency. He further said that there were 14 lakh POS machines which were available at retail level and the government will work  to be expand this service manifold. “Additionally, with regard to banks’ existing customers, debit cards and prepaid cards, e-wallets as well as mobile apps, are going to be utilised by them. They are ready with their infrastructure,” he added.