Chennai, Jun 11 (PTI) Associated Chambers of Commerce (ASSOCHAM) today 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 per cent mobile penetration in four years and a booming retail market with annual transactions worth USD 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 per cent mobile phone penetration by 2015, it added.