BENGALURU: Is it time for Mobile Wallets to overtake Credit Cards in India? Not really! Reports ET. Unlike the rest of the world, credit cards in India are still in their nascent stage, with just about 21.2 million credit cards in circulation in the country.

However, it is true that mobile wallets in India have been gaining prominence with the onset of e-commerce and e-tailers; but the magnitude of credit card holders is much higher in India. Considering the fact that the number of credit card holders in India has been increasing year after year, mobile wallets may have to wait a little longer to take over Indian transactions.

Besides this, Mobile Wallets need to clear following hurdles posed by key players in Indian before:

RBI’s mandatory two-step authentication for card transactions

Mobile Wallets gained popularity with cab services like Uber, Ola and others only after the Reserve Bank insisted on the two-step authentication process of the card transaction of after crossing the minimum slab. If not for RBI’s mandate, mobile wallets in India would lose their popularity following any future changes in the authentication process.

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