Over the last two decades, there has been a rapid advancement in telecommunication infrastructure, particularly in the field of wireless technology. This has facilitated an immense growth in Mobile commerce (m-commerce), thereby making it an increasingly important part of our daily lives. Moreover, there has been recent evolution in mobile technologies like 3G, 4G and massive upspring in the use of mobile devices (especially smartphones). With this, m-commerce have provided various significant opportunities for telecom companies and mobile service providers to create and offer new value added services such as mobile wallets to their customers. The purpose of this paper is to examine the overall status and the increasing relevance of mobile banking or payment services in India. Further, the objective of this study is to analyze and gain a meaningful insight into the various key drivers and inhibitors that has an impact on consumer’s value perception and thus influences their behavioural intention to adopt and use an innovative technology which is wireless or Mobile banking (m-banking) in this context. For this we have conducted an extensive review of extant literature in context of m-banking adoption with respect to various developed and developing countries by using ‘NVivo 11 Plus’. The findings highlighted that the most commonly applied model by majority of the studies for understanding m-banking adoption is technology acceptance model and its various extensions. Furthermore, it was revealed that the most significant facets or attributes of adoption are compatibility, perceived usefulness, perceived risk, perceived trust and attitude in both developing and developed countries.