Most young people in urban areas use e-wallets, survey finds

Mobile wallets have shown a very high acceptance level among the urban youth who have bank accounts with around 89% of the people surveyed saying that they use mobile wallets of some form or the other and only 8% of the consumers saying that they use bank-led wallet applications in a YouGov-Bernstein Proprietary Survey. The survey was conducted across 500 bank customers across 21 cities. Report also talks about the threat posed by mobile wallets to banks and the payment aggregators like Visa and Mastercard since wallets have captured highfrequency, low-value transactions of the youth.