Team Blitz India
NEW DELHI: Mobile wallet adoption is surging in India and swiftly becoming a primary payment option, surpassing traditional methods like cash and cards.
Over the next few years, payments via mobile wallets in India are likely to surpass the Rs 531.8 trillion mark in 2028, witnessing a compound annual growth rate (CAGR) of 18.3 per cent between 2024 and 2028, according to GlobalData – a London-based leading data and analytics company.
The value of mobile wallet payments in India, as per a GlobalData report, grew at a CAGR of 72.1 per cent between 2019 and 2023 to reach Rs 202.8 trillion ($2.5 trillion) in 2023. This, it believes, is mainly due to the government’s concerted efforts to promote digital payment methods, most prominent being the mobile wallet-based instant payment solution—unified payments interface (UPI).
Last week, the Reserve Bank of India (RBI) said it will soon facilitate cash deposit facilities in banks through united payment interface (UPI), which has traditionally been a popular method for peer-to-peer (P2P) transactions, bill payments, merchant transactions, and other digital payments.
