India leads the world in mobile wallet payments with 90.8% adoption rate by 2023
According to the GlobalData 2023 Financial Services Consumer Survey, India has emerged as the global leader in mobile wallet payments, with 90.8% of the population using mobile wallets for transactions in 2020. 2023.
In April 2024, India’s Unified Payments Interface (UPI) showed strong performance, with daily product statistics reaching up to $19.64 lakh crore. Continuing this trend, the first half of May 2024 saw significant trading volumes, reaching $10.70 lakh crore on May 15.
This achievement highlights India’s rapid progress in digital payment solutions, surpassing other countries in mobile wallet adoption.
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Asia-Pacific region
The report shows that the growing trend of mobile wallet usage is also evident across the Asia-Pacific (APAC) region.
The COVID-19 pandemic played a key role in accelerating the transition from cash to electronic payments, further driving mobile wallet adoption.
Ravi Sharma, Principal Banking and Payments Analyst at GlobalData, said the disruptive potential of mobile wallets is also impacting smaller countries such as Hong Kong’s consumer payments space, predicting a Gradual transfer of cash transactions.
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QR code infrastructure
“The use of mobile wallets is poised to disrupt the consumer payments space in Hong Kong and gradually replace cash,” said Sharma. “Extensive QR code infrastructure, availability of the system Mobile-based instant payment systems and growing consumer and merchant preferences have all contributed to the creation of mobile wallets.” using.”
The high percentage of adults with bank accounts and widespread smartphone usage provide a strong foundation for mobile wallet adoption.
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The presence of domestic and international mobile wallet brands such as Apple Pay, Google Pay, PhonePe, etc. gives consumers many choices. The increasing acceptance of mobile payments by merchants further encourages usage.
GlobalData’s 2023 Financial Services Consumer Survey, conducted in Q2 2023, surveyed approximately 50,000 respondents aged 18 across 40 countries. (ANI)
