Mobile Wallets Market in India Set to Surpass $5 Trillion by 2027, Reports GlobalData

GlobalData Survey Reveals Mobile Wallets Market in India on a Rapid Growth Trajectory

A survey conducted by GlobalData, a leading data and analytics company, highlights the remarkable growth of mobile wallets in India, gradually displacing conventional payment methods such as cash and credit cards. The survey predicts that mobile wallet payments will experience a robust compound annual growth rate (CAGR) of 23.9% between 2023 and 2027, with transaction values expected to surpass Rs 472.6 trillion ($5.7 trillion) in 2027.

Shift in Payment Preferences: Mobile Wallets Gain Popularity in India

Kartik Challa, Senior Analyst Banking and Payments at GlobalData, emphasizes the declining popularity of cash as a payment method among Indians, attributing it to the concerted efforts made by India to promote digital transactions. Notably, the Unified Payments Interface (UPI) has played a significant role in driving the adoption of mobile wallets, making them the preferred choice for payments in India.

UPI: Empowering Daily Payments and Fueling Mobile Wallet Adoption

The GlobalData survey reveals that UPI has emerged as one of the most favored options for daily payments in India. Introduced by the National Payments Corporation of India (NPCI), UPI enables seamless and swift transfers between bank accounts using mobile numbers or QR codes. By allowing users to link their bank accounts with mobile payment solutions, UPI has accelerated transactions and contributed to the growing acceptance of mobile wallets.

Merchant Adoption and QR Code Payments Drive Mobile Wallets' Rapid Acceptance

The widespread adoption of QR code payments by merchants has played a crucial role in the rapid acceptance of mobile wallets in India. Merchants embracing QR code-based solutions have made it more convenient for customers to make payments using mobile wallets. This trend has been further supported by the Reserve Bank of India's (RBI) mandate for mobile wallet interoperability, which came into effect on April 1, 2022. Now, customers can make QR code-based payments seamlessly, regardless of the merchant's QR code solution.

Future Outlook: Mobile Wallets to Transform India's Payment Landscape

The GlobalData survey paints a promising picture for the future of mobile wallets in India. With a projected CAGR of 23.9% and a transaction value estimated to exceed Rs 472.6 trillion ($5.7 trillion) by 2027, mobile wallets are poised to revolutionize the country's payment landscape. As India's digital transformation continues, mobile wallets will continue to play a vital role in facilitating secure and convenient transactions for individuals and businesses alike.

ThinkWithNiche News' conclusion

The mobile wallets market in India is experiencing significant growth, driven by the increasing adoption of digital transactions and the promotion of Unified Payments Interface (UPI). According to a survey by GlobalData, mobile wallet payments are expected to grow at a compound annual growth rate (CAGR) of 23.9% between 2023 and 2027, reaching a staggering Rs 472.6 trillion ($5.7 trillion) in transaction value.

The decline in the use of cash and the convenience offered by mobile wallets have contributed to their rising popularity in India. The widespread acceptance of UPI and the adoption of QR code payments by merchants have played crucial roles in driving the adoption of mobile wallets. Furthermore, the Reserve Bank of India's mandate for mobile wallet interoperability has further facilitated the seamless use of QR code-based payments. With the projected growth and ongoing digital transformation, mobile wallets are poised to transform India's payment landscape.

Important News Tags and Headlines for Readers

Mobile Wallets Market in India Witnesses Remarkable Growth, Surpassing Conventional Payment Methods

Shift from Conventional Payments to Mobile Wallets Driven by Digital Transformation

GlobalData Survey Reveals Strong Growth Potential for Mobile Wallets in India

Mobile Wallet Payments Projected to Grow at a CAGR of 23.9% by 2027

UPI Emerges as a Popular Choice for Daily Payments, Boosting Mobile Wallet Adoption

Unified Payments Interface (UPI): Catalyst for Mobile Wallets' Success in India

QR Code Payments and Merchant Adoption Fuel the Rise of Mobile Wallets in India

QR Code-Based Solutions Drive Convenience and Acceptance of Mobile Wallets

RBI Mandate for Mobile Wallet Interoperability Enhances User Experience

Seamless QR Code-Based Payments Irrespective of Merchant's Solution

Mobile Wallets Set to Transform India's Payment Landscape