Gulshan Rai: India mobile wallet transactions increased 40 times in 5 years

By

Isabelle Crossley

Published
Feb 12, 2019

Mobile wallet transactions in India increased by 40 times in the past five years, 1.5 times faster than the global average, according to the National Cyber Security Coordinator in the PMO, Gulshan Rai.

India is on the radar of every global mobile payments provider thanks to its astounding growth rate, Gulshan Rai said in a lecture titled "Digital Disruptions in India", as reported by the Press Trust of India. The lecture, given by Rai on February 11, posited that India is one of the most advanced countries in the world for large-scale mobile wallet payment expansion.

"Mobile wallet transactions have increased 40 times in the last five years,” said Rai. “Every technology provider in the world is looking for the Indian market for the mobile wallet payment. We are one of those countries who are much advanced in terms of including mobile wallet payment on a larger scale."

Rai expects this rapid growth to continue. "Today the digital economy is around 15 per cent of the global GDP,” explained Rai. “In India, it is about 8 per cent of the GDP and is likely to increase up to 30 per cent of the GDP in 2025." Rai also called the growth “mind boggling”. 

More and more fashion brands are incorporating e-commerce into their business strategies and omni-channel has become a buzzword in Indian retail. Many online fashion retailers have also teamed up with e-wallet services to cater to the rising demand for mobile payments. Rai also mentioned the rising importance of artificial intelligence (AI) and this can already be seen by the number of fashion brands investing in AI services for their e-commerce stores.