Mobile wallet transactions in India will reach INR2 trillion in 2019, says GlobalData
Indian mobile wallet market is evolving at a rapid pace. Source: unsplash.com
Mobile wallet transactions in India are set to grow from INR1.7 trillion ($24.9 billion) in 2018 to INR2 trillion ($28.7 billion) in 2019, says GlobalData.
Its 2019 Banking and Payments Survey reveals that India is one of the top markets globally in terms of mobile wallet adoption. Majority of the survey respondents (83.6%) in India indicated that they have a mobile wallet and use it, just behind China (87%).
Mobile wallet adoption in India is well above developed markets such as the US and the UK, where consumers predominantly use cards. Moreover, the introduction of QR code-based mobile wallet payments is making payments simpler and more cost-effective for merchants.
GlobalData’s survey also revealed that 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%.
SEE ALSO: How to pay in India: facts on country’s payments market
