Innovative mobile payment sys required : ASSOCHAM

Monday, 13 June 2011, 15:12 IST
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Chennai: Associated Chambers of Commerce (ASSOCHAM) said innovative mobile payment system which has mass appeal is required for non-cash payment modes. "The need of the hour is to develop an innovative mobile payment system which is customised to the Indian ecosystem requirements and has a mass appeal," ASSOCHAM Communications Convergence Committee Chairman T V Ramachandran said. Besides, mobile wallets for electronic payments through smart phones are set to grow fast with nearly 100 percent mobile penetration in four years and a booming retail market with annual transactions worth $410 billion (Rs 18.50 lakh crore), a study by ASSOCHAM and global consulting firm Deloitte said. At the same time, India, which currently has about 720 million mobile phone subscribers, would witness a 100 percent mobile phone penetration by 2015, it added.
Source: IANS
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