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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