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In fiscal year 2017, money transfers accounted for the largest share of mobile wallet use, with recharge and payment related services coming in second. The banking sector in India is increasingly adopting digital practices and fintech systems. As of 2017, there were over *** million payments made with mobile banking systems in the country, amounting to a value of over ** trillion Indian rupees.

Indian banking takes a digital turn

For a cash-driven economy like India’s, the first major shift towards e-banking began in the early 1990s with the introduction of Electronic Fund Transfers (EFTs). Ever since, the banking industry has rapidly embraced new technologies and in turn, customers have latched on to this growth as well. Adoption of digital payments systems like Paytm and RuPay along with e-wallets has been growing steadily in not only urban areas but also in rural parts of the country.

Climbing the global ladder

In 2018, the global payments maturity and readiness index ranked India ahead of the United States in its innovation readiness score. At the same time, the fintech sector in the country has also been booming over the last five years, with more investments flowing in. All of these factors point to a positive trend in terms of digital growth and adoption in India’s banking sector.