Mobile wallet transactions to reach over INR100 trillion in 2024 in India: GlobalData
By MYBRANDBOOK
Mobile wallets are gradually replacing the traditional mode of payments- cash and cards in India. With COVID-19, the adoption of mobile wallets has been accelerated and as a result mobile wallet transactions are expected to surpass INR100 trillion (US$1.40 trillion) in 2024, according to GlobalData.
As per the analysis of GlobalData’s Payment Instrument Analytics, mobile wallet transactions in India were valued at INR 384 bn (US$5.4bn) in 2016. With consumers increasingly switching from cash to electronic payments, the value is expected to reach INR 100.6 trillion (US$1.41 trillion) in 2024.
In terms of transaction volume, in 2020 it is estimated that 23.5 billion mobile wallet transactions will be carried 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 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 highlights that Google Pay is the most preferred mobile wallet brand. It has more than 43% of the respondents having this wallet, followed by Paytm (36%).
Sharma concludes, “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 : Bhavish Aggarwal
Indian entrepreneur Bhavish Aggarwal is the CEO of Ola, India’s larg...
Icons Of India : NEERAJ MITTAL
He started his career as an IAS Officer in 1992. He has held various a...
Icons Of India : Anil Kumar Lahoti
Anil Kumar Lahoti, Chairman, Telecom Regulatory Authority of India (TR...
ECIL - Electronics Corporation of India Limited
ECIL is distinguished by its diverse technological capabilities and it...
CERT-IN - Indian Computer Emergency Response Team
CERT-In is a national nodal agency for responding to computer security...
EESL - Energy Efficiency Services Limited
EESL is uniquely positioned in India’s energy sector to address ener...
Indian Tech Talent Excelling The Tech World - RAVI KUMAR S, CEO- Cognizant
Ravi Kumar S, appointed as CEO of Cognizant in January 2023, sets the ...
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 - ANJALI SUD, CEO – Tubi
Anjali Sud, the former CEO of Vimeo, now leads Tubi, Fox Corporation...