According to a report by GlobalData, the use of mobile wallets is expanding quickly and gradually replacing conventional payments like cash and credit cards. GlobalData predicted in its analysis that payments made using mobile wallets will increase at a compound annual growth rate (CAGR) of 23.9% between 2023-27 and reach US$ 5.7 trillion (Rs. 472.6 trillion) in 2027.
The report claimed that Unified Payments Interface (UPI) has emerged as one of the most popular methods for making day-to-day payments. The rapid acceptance of mobile wallets in India has also been greatly influenced by the strong merchant adoption of quick response (QR) code payments.
The National Payments Corporation of India (NPCI) launched UPI, which facilitates fast transfers between bank accounts using a cell number or QR code and enables clients to combine bank accounts with mobile payment solutions, thereby speeding up transactions.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.