India is now the global leader in using
mobile wallets
, with a whopping 90.8% of its population making transactions through them in 2023, according to a survey by GlobalData. This highlights India's rapid progress in adopting digital payments.
The country's Unified Payments Interface (
UPI
) continues to perform well, processing massive daily transactions.
In April 2024 alone, the daily volume reached Rs 19.64 lakh crore, and the first half of May 2024 has already seen Rs 10.70 lakh crore worth of transactions.
Pandemic boosted growth in mobile payments
This trend isn't limited to India. The
Asia-Pacific region
(APAC) is also witnessing a surge in mobile wallet usage, likely accelerated by the COVID-19 pandemic that pushed people towards contactless payments.
Experts believe mobile wallets will significantly impact other countries as well. Ravi Sharma, an analyst at GlobalData, predicts a decline in cash transactions in Hong Kong due to the growing popularity of mobile wallets. He attributes this to factors like widespread use of
QR codes
, instant mobile payment systems, and consumer preference for mobile payments.
The high smartphone penetration rate and a large number of adults with bank accounts in these regions create a strong foundation for mobile wallet adoption. Additionally, the presence of various domestic and international mobile wallet brands (like Apple Pay, Google Pay, PhonePe) offers consumers a wider choice. Increased acceptance by merchants further encourages people to use mobile wallets.
This data is based on GlobalData's 2023 Financial Services Consumer Survey, conducted in the second quarter of 2023, which included over 50,000 participants aged 18 and above from 40 countries.
English (US) ·