As per the GlobalData 2023 Financial Services Consumer Survey, Bharat has solidified its position as the world leader in mobile wallet payments, with a staggering 90.8% of its population embracing this digital transaction method.
The survey highlights the country’s remarkable transition towards mobile wallets, marking a significant shift from traditional cash transactions.
April 2024 witnessed a remarkable surge in Bharat’s Unified Payments Interface (UPI), with daily transactions reaching an impressive Rs 19.64 lakh crore. This robust performance underscores the nation’s rapid advancement in digital payment solutions, showcasing its prowess in fostering a cashless economy.
The momentum has continued into May 2024, with transaction volumes hitting Rs 10.70 lakh crore by May 15th alone. This remarkable achievement not only reaffirms Bharat’s dominance in the realm of digital payments but also signals a broader trend of increasing mobile wallet adoption across the Asia-Pacific (APAC) region.
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The COVID-19 pandemic played a pivotal role in accelerating this transition, as safety concerns and lockdown measures prompted individuals to embrace electronic payment methods. Ravi Sharma, Lead Banking and Payments Analyst at GlobalData, demonstrated the disruptive potential of mobile wallets, noting their influence on smaller economies like Hong Kong.
Sharma predicts a gradual displacement of cash transactions in Hong Kong’s consumer payments space, attributing this shift to factors such as widespread QR code infrastructure, mobile-based instant payment systems, and growing consumer and merchant preference for mobile wallets.
Bharat’s success in mobile wallet adoption can be attributed to several factors. A high percentage of adults in the nation have bank accounts, laying a solid foundation for digital transactions. Furthermore, widespread smartphone usage has made mobile wallets accessible to a vast segment of the population.
The presence of both domestic and international mobile wallet brands, including Apple Pay, Google Pay, and PhonePe, offers consumers a diverse range of options to choose from. In addition, the increasing acceptance of mobile payments by merchants further incentivizes individuals to embrace this convenient and secure payment method.
GlobalData’s 2023 Financial Services Consumer Survey, which surveyed approximately 50,000 respondents aged 18+ across 40 countries in Q2 2023, provides valuable insights into the global landscape of digital payments. With Bharat leading the charge, the world is witnessing a paradigm shift towards mobile wallet adoption, signaling the dawn of a cashless era in consumer transactions.
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