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.
