Mobile wallet outshines credit cards in India
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Mobile wallet may be a new concept, but Indians seemed to have adopted the mechanism faster than credit cards. While there are about 10-12 companies operating in the mobile wallet space, Noida-based Paytm has more than 20 million active users. The number is actually higher than the cumulative number of credit cards in India.
According to the Reserve Bank of India (RBI), the total number of credit cards issued by 55 scheduled commercial banks in India is 19.9 million as of October 2014. HDFC Bank issued the highest number of credit cards – 5.6 million – followed by 3.3 million by ICICI Bank.
On the other hand, banks have issued as many as 441 million debit cards in India so far.
Questions & Answers
Q.Which company has the most active users in the Indian mobile wallet sector?
Which company has the most active users in the Indian mobile wallet sector?
Noida-based Paytm has the highest number of active users among mobile wallet companies, with more than 20 million users. This figure is greater than the total number of credit cards in India.
Q.How many credit cards had been issued in India by October 2014?
How many credit cards had been issued in India by October 2014?
As of October 2014, 55 scheduled commercial banks in India had issued a cumulative total of 19.9 million credit cards. HDFC Bank issued the most, followed by ICICI Bank.
Q.How do the number of mobile wallet users compare to credit card holders in India?
How do the number of mobile wallet users compare to credit card holders in India?
Paytm alone has over 20 million active mobile wallet users, which exceeds the cumulative number of 19.9 million credit cards issued across India by October 2014. Mobile wallets seem to have been adopted faster.
Q.How many debit cards have been issued in India?
How many debit cards have been issued in India?
Banks in India have issued a significantly higher number of debit cards compared to credit cards and mobile wallet users. So far, a total of 441 million debit cards have been issued.
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