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Mobile wallet transactions will reach INR 2 tln in 2019 in India

Wednesday 18 September 2019 13:03 CET | News

Mobile wallet transactions in India are forecasted to grow from INR 1.7 trillion (USD 24.9 billion) in 2018 to INR 2 trillion (USD 28.7 billion) in 2019, according to GlobalData.

The 2019 Banking and Payments Survey reveals that India is one of the top markets globally in terms of mobile wallet adoption. The majority of respondents (83.6%) in the country indicated that they have a mobile wallet and use it, behind China (87%).

Other key findings:

  • Paytm remains the preferred mobile wallet brand, with more than 55% of respondents having this wallet; Google Pay (previously Tez) is in second place with 25.6%;

  • wallet providers are increasingly offering benefits in the form of discounts and cashback to remain competitive;

  • government policies to promote electronic payments, rising smartphone penetration, the launch of new mobile wallets, and growing QR code installation among SMEs are driving mobile wallet adoption in India.


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Keywords: Mobile wallets, India, mobile payments, Global Data
Categories:
Countries: World

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