According to the report conducted by The Associated Chambers of Commerce and Industry of India, India counts nearly 720 million mobile subscribers, which are expected to start using more their devices to carry out mobile payments in the future. In addition, the report indicates that this prediction is based on the fact that although the majority of Indian residents are unbanked they do have a mobile phone.
Moreover, the study has pointed out that the retail market in India has annual transactions worth USD 410 billion (approximately Rs 1,850,000 crore).
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