Access to Internet

A customer needs no internet connectivity for a credit card payment, whereas it is a must for mobile wallet users; this can’t hold good to all kind of customers in India. Mobile internet connections in India are still very limited.

Banks might be losers

Biggest hurdles are the banks, who earn fees from merchants for credit card payments. Transactions via mobile wallets leave no scope for banks to earn a penny. Therefore, most banks are not very keen on such adopting mobile wallet technology.

Credit cards in India have been going through various iterations; and are largely found reliable and widely accepted by Indian customers who are not yet ready to adopt a big change in transactions. Therefore it is too early for mobile wallets to ‘kill’ credit cards.

Also Read: Finance Ministry Asks Taxpayers to E-File Income Returns Early

Social Security: Here Is All You Need To Know