According to the press release, an analysis of GlobalData’s Payment Instrument Analytics reveals that mobile wallet transactions in India were valued at USD 5.4 billion in 2016. With consumers increasingly switching from cash to electronic payments, the value is expected to reach USD 1.41 trillion in 2024.
Moreover, 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. Besides, 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. Furthermore, 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.
Overall, 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. Additionally, 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%).
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