India leads the world in mobile wallet payments with 90.8 pc adoption in 2023
India has emerged as the global leader in mobile wallet payments, with 90.8 per cent of its population using mobile wallets for transactions in 2023, according to GlobalData 2023 Financial Services Consumer Survey.
In April 2024, India's Unified Payments Interface (UPI) showcased robust performance, with daily product statistics amounting to ₹19.64 lakh crore. Continuing this trend, the first half of May 2024 has already seen significant transaction volumes, reaching ₹10.70 lakh crore by May 15th.
This achievement underscores India's rapid advancement in digital payment solutions, surpassing other nations in mobile wallet adoption.
Also read: Google Focuses on Security With Next Version of Android Software
The report suggests that the trend of increasing mobile wallet usage is also evident across the Asia-Pacific (APAC) region.
The COVID-19 pandemic played a significant role in accelerating the shift from cash to electronic payments, further boosting mobile wallet adoption.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, says the disruptive potential of mobile wallets is also impacting smaller countries like Hong Kong's consumer payments space, predicting a gradual displacement of cash transactions.
Also read: YouTube introduces branded QR codes and expands WNBA coverage
Sharma stated, "Mobile wallet usage is all set to disrupt the consumer payments space in Hong Kong and gradually displace cash. Widespread QR code infrastructure, the availability of mobile-based instant payment systems, and rising consumer and merchant preference all contributed towards mobile wallet usage."
A high percentage of adults have bank accounts and widespread smartphone usage provides a solid foundation for mobile wallet adoption.
Also read: Mumbai-based woman loses ₹54 lakh online to this new scam- All details you should know
The presence of both domestic and international mobile wallet brands, like Apple Pay, Google Pay, PhonePe, etc offers consumers a variety of choices. The
Read more on tech.hindustantimes.com
