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India has emerged as the global leader in mobile wallet payments, with 90.8 per cent of its population using mobile wallets for transactions in 2023, according to GlobalData 2023 Financial Services Consumer Survey.
In April 2024, India’s Unified Payments Interface (UPI) showcased robust performance, with daily product statistics amounting to Rs 19.64 lakh crore. Continuing this trend, the first half of May 2024 has already seen significant transaction volumes, reaching Rs 10.70 lakh crore by May 15th.
This achievement underscores India’s rapid advancement in digital payment solutions, surpassing other nations in mobile wallet adoption.
The report suggests that the trend of increasing mobile wallet usage is also evident across the Asia-Pacific (APAC) region.
The COVID-19 pandemic played a significant role in accelerating the shift from cash to electronic payments, further boosting mobile wallet adoption.
Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, says the disruptive potential of mobile wallets is also impacting smaller countries like Hong Kong’s consumer payments space, predicting a gradual displacement of cash transactions.
Sharma stated, “Mobile wallet usage is all set to disrupt the consumer payments space in Hong Kong and gradually displace cash. Widespread QR code infrastructure, the availability of mobile-based instant payment systems, and rising consumer and merchant preference all contributed towards mobile wallet usage.”
A high percentage of adults have bank accounts and widespread smartphone usage provides a solid foundation for mobile wallet adoption.
The presence of both domestic and international mobile wallet brands, like Apple Pay, Google Pay, PhonePe, etc offers consumers a variety of choices. The increasing acceptance of mobile payments by merchants further encourages usage.
GlobalData’s 2023 Financial Services Consumer Survey, conducted in Q2 2023, surveyed approximately 50,000 respondents aged 18+ across 40 countries.
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