India adopting to mobile wallets faster than US, UK; beats China too

Friday, February 23, 2018

Mobile wallet transactions in India grew manifold in last five years, rising from INR 24bn in 2013 to INR 955bn in 2017 and are slated to go past the INR 1 trillion-mark in early 2018, the latest report from GlobalData reveals. The report states that Indian customers are increasingly turning away from cash and card and are adapting to mobile wallets faster than developed markets as such as the US and the UK. The 2017 Consumer Payments Insight Survey by GlobalData reveals that India is one of the top markets globally in terms of mobile wallet adoption with 55.4% survey respondents indicating that they have a mobile wallet and use it.

This puts India ahead of China and Denmark in the last. The report states that Narendra Modi government’s demonetisation move in 2016 was a major factor in this growth as the massive cash-crunch in the country forced people to switch to electronic modes of payment. Even though people in India still prefer digital banking channels for medium to large value transactions, mobile wallets are the go-to option for low-value-day-to-day transactions.

Photo courtesy of pixelfusion3d.

Source: Financial Express (link opens in a new window)

digital payments, fintech, mobile finance