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E-commerce

Staff Reporter

, India

Published:

11 months ago

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Source: Kampus Production (Pexels)

Mobile wallets gradually displaces traditional payments in India: report

Payments through mobile wallets are expected to rise by 23.9% annually until 2027.

Mobile wallets are gradually replacing traditional payments as the most preferred payment method in India, GlobalData reported.

In a report, GlobalData found that payments through mobile wallets are projected to grow at a compound annual rate of 23.9% between 2023 and 2027.

“While cash has traditionally been the most popular method of payment among Indians, its use is gradually on decline. This is mainly due to India’s concerted efforts to promote digital transactions, most prominent being Unified Payments Interface (UPI),” Kartik Challa, Senior Analyst Banking and Payments at GlobalData, said.

“Mobile wallets have benefitted the most from this push and have become the preferred choice for payments in India.”

The value of mobile wallet payments grew at a CAGR of 102.7% between 2018 and 2022 to reach INR128.2t ($1.5t) in 2022.

This was accelerated by the pandemic that drove the adoption of mobile payments in the market.

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