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.”
BREAKING NEWS
TECHNO TRENDS
Legal Battle Over IT Act Intensifies Amid Musk’s India Plans
The outcome of the legal dispute between X Corp and the Indian government c...
Wipro inks 10-year deal with Phoenix Group's ReAssure UK worth
The agreement, executed through Wipro and its 100% subsidiary,...
Centre announces that DPDP Rules nearing Finalisation by April
The government seeks to refine the rules for robust data protection, ensuri...
Home Ministry cracks down on PoS agents in digital arrest scam
Digital arrest scams are a growing cybercrime where victims are coerced or ...
E-Magazine
TECHNOTAINMENT
Hrithik Roshan to endorse RuPay as Brand Ambassador
RuPay is reportedly planning to feature Bollywood superstar Hrithik Rosha
India Today Group launches – AI Pop Stars
Staying true to our industry leadership position in using cutting-edge tech
MOVERS & SHAKERS
TelioLabs ropes in Phaniraj V A as the Group CEO
TelioLabs has announced the onboarding of Phaniraj V A as its new Group CE
Wipro Appoints Amit Kumar as Managing Partner and Global Head
Wipro Limited (NYSE: WIT, BSE: 507685, NSE: WIPRO), a leading technology s
OPEN YOUR EYES
INTERVIEWS
Alcatel-Lucent Enterprise Carrying a 100 year legacy ahead
A good amount of R&D works and global support services are operated out of
AMD Pensando driving innovation in the DPU architecture space
AMD Pensando stands out in the DPU (Data Processing Unit) market with its u
HOT PICK
MSI Announces the availability of RTX 50 series of laptops in
MSI, the innovative computing manufacturer in gaming, creator
Nothing Phone (3a) goes on sale today, starting at Rs 19,999
The phone was launched on March 4, featuring a 50MP main, ultra-wide, and t
MAKE IN INDIA BRANDS
BEETEL TELETECH LTD.
RELIANCE JIO INFOCOMM LTD.
POLYCAB INDIA PVT. LTD
FRESHWORKS TECHNOLOGIES PVT. LTD.
EMINENT CIO'S OF INDIA
ICONS OF INDIA
ICONS OF INDIA : SUNIL VACHANI
Sunil Vachani is the Chairman of Dixon Technologies (India) Ltd. Under...
ICONS OF INDIA : VIJAY SHEKHAR SHARMA
Vijay Shekhar Sharma is an Indian technology entrepreneur and multimil...
Icons Of India : Dilip Asbe
At present, Dilip Asbe is heading National Payments Corporation of Ind...
PARTNER SPEAKERS
PSU
C-DAC - Centre for Development of Advanced Computing Â
C-DAC is uniquely positioned in the field of advanced computing...
ITI - ITI LimitedÂ
ITI Limited is a leading provider of telecommunications equipment, sol...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
VIDEOS
Top 25 Brands
Global Indian industry
Indian Tech Talent Excelling The Tech World - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporationâ€...
Indian Tech Talent Excelling The Tech World - Rajiv Ramaswami, President & CEO, Nutanix Technologies
Rajiv Ramaswami, President and CEO of Nutanix, brings over 30 years of...
Indian Tech Talent Excelling The Tech World - ARVIND KRISHNA, CEO – IBM
Arvind Krishna, an Indian-American business executive, serves as the C...
ITFORUM 2025
CMO of the Year
WOMEN LEADERSHIP
IMAGE GALLERY
TRENDS IN TECHNOLOGY
MORE VIDEOS
ADVERTISEMENTS
TECHNOLOGY DISRUPTION
UNICORNS REVOLUTIONISING
of images belongs to the respective copyright holders
