Mobile phones will usher in a new form of payment in India — mobile money, according to a study by Boston Consulting Group.
The study titled ‘The rush to mobile money: Madness or master stroke’, estimates that by 2015, $350 billion (Rs 15,75,000 crore) in payments and banking transactions could flow through mobile phones. This would include government payments, points of sale and bill payments, banking transactions, remittances and business payments. About $235 billion (Rs 10,57,500 crore) of annual credit and debit card transactions happen in India today, out of which $215 billion (Rs 9,67,500 crore) accounted for cash withdrawals at ATMs. As of May 2011, there were 1.1 crore mobile payment users in India as compared to only 400 last year with the value of the transaction estimated to be Rs 1.6 crore. Source
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