Online financial services in India is expected to be a Rs 15,000-crore market by 2020, up about 15 times from Rs 1,063 crore in 2014, led by a surge in usage of mobile wallets and insurance services, among others, according to a report from investment bank MAPE Advisory Group and consulting firm MXV.
The mobile wallets business, led by Oxigen and Paytm, has the potential to be worth Rs 5,793 crore in the next four years, from a meagre Rs 179 crore in 2014, the report said. Insurance services are estimated to grow to Rs 4,600 crore, from Rs 484 crore. The number of transactions through mobile wallets has risen more than seven times to 256 million, from 33 million in the last two years. That has outpaced mobile banking transactions, which grew to 172 million from 53 million between 2014 and 2015.
