Mobile wallet transactions in India to exceed INR100 trillion in 2024
By MYBRANDBOOK
Mobile wallet adoption is gradually displacing traditional payments such as cash and cards in India. This has become even more prevalent during the current COVID-19 crisis and as a result mobile wallet transaction is expected to surpass INR100 trillion (US$1.40 trillion) in 2024, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Payment Instrument Analytics reveals that mobile wallet transactions in India were valued at INR384bn (US$5.4bn) in 2016. With consumers increasingly switching from cash to electronic payments, the value is expected to reach INR100.6 trillion (US$1.41 trillion) in 2024.
In terms of transaction volume, an estimated 23.5 billion mobile wallet transactions will be carried out in 2020, which is expected to more than double to 54.7 billion in 2024.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, comments: “With rising smartphone penetration and proliferation of mobile wallet brands, mobile wallets have now become an integral part and are widely accepted by merchants of all sizes, from big supermarkets to neighborhood kirana shops.”
The acceleration of electronic payments has been one of the key objectives of the government’s ‘Digital India’ campaign. The government has been investing substantially in building long-term infrastructure for cashless payments.
The introduction of Bharat QR, an interoperable QR code by the government agency - National Payments Corporation of India, is an important milestone in this regard and paved the way for significant usage of mobile wallets.
While there has been a constant rise in mobile wallet adoption in the past few years, the recent COVID-19 outbreak has further accelerated this trend as consumers are increasingly using wallets to avoid physical contact with POS machines.
GlobalData’s 2020 Banking and Payments survey* reveals that Google Pay is the most preferred mobile wallet brand with more than 43% of the respondents having this wallet, followed by Paytm (36%).
Lastly, “Mobile wallet usage is all set to disrupt the overall consumer payment space in India. While the government’s demonization move (making 500 and 1,000 rupees notes illegitimate) in late 2016 had set the precedent, further decline in cash usage could be seen during the current COVID-19 crisis. Increasing smartphone penetration, widespread QR code infrastructure and rising consumer and merchant preference for electronic payments will further accelerate this trend.”
Singapore to remove One-Time Passwords from Bank Accounts
According to the Monetary Authority of Singapore, clients who utilise secur...
Is 375 million Airtel subscribers database breached?
When a hacker claims to have accessed and put up for sale a customer databa...
The government of India intends to construct a single portal f
A single portal will be launched by the Indian government to list all of it...
OpenAI offers GPT-4o, a faster model available to all users at
GPT-4o, a faster and more sophisticated AI model, is made available to all...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
ICONS OF INDIA : RAMESH NATRAJAN
Ramesh Natarajan, CEO of Redington Limited, on overcoming ‘technolog...
Icons Of India : NEERAJ MITTAL
He started his career as an IAS Officer in 1992. He has held various a...
ITI - ITI Limited
ITI Limited is a leading provider of telecommunications equipment, sol...
IREDA - Indian Renewable Energy Development Agency Limited
IREDA is a specialized financial institution in India that facilitates...
UIDAI - Unique Identification Authority of India
UIDAI and the Aadhaar system represent a significant milestone in Indi...
Indian Tech Talent Excelling The Tech World - Sundar Pichai, CEO- Alphabet Inc.
Sundar Pichai, the CEO of Google and its parent company Alphabet Inc.,...
Indian Tech Talent Excelling The Tech World - Satya Nadella, Chairman & CEO- Microsoft
Satya Nadella, the Chairman and CEO of Microsoft, recently emphasized ...
Indian Tech Talent Excelling The Tech World - JAYASHREE ULLAL, President and CEO - Arista Network
Jayshree V. Ullal is a British-American billionaire businesswoman, ser...