Conclusion

Mobile payments not only make great business sense for retailers,
but also are equally appealing for consumers. Having said that,
adequate regulation and the right business models are critical to
facilitate the mass acceptance of this technology that has the
potential to revolutionize the payment system. While the ubiquity
of the mobile helps, the need of the hour is to promote a secure
and robust mobile payment ecosystem which is customized to the
Indian market to increase mass appeal.