Mobile Wallets in India 2020 – teknospire

Mobile Wallets has grown rapidly in India. As per a BI Mobile Payments report, in-store mobile payments would grow to $503 billion by 2020.  As per another report Mobile Payment Volume would increase tenfold by 2021.

Who are The Enablers to Mobile Payment?

  • Growth of e-commerce
  • Increased Penetration of smartphones
  • Free and easy access to the Internet

In fact with such supportive ecosystem from government, technology, and people adopting the change, numbers below show the positive growth trend in the adoption of mobile wallets in India.

Q2 2019Number of transactions doneINR 1.08 billionan increase of 18.4% over Q2 2018  
Q2 2019the value of transactionsINR 474 billionan increase of 17.5% over Q2 2018  

Mobile Wallets vs UPI in India

UPI is giving a tough competition to mobile payments in merchant recharges and transactions. Here are the numbers comparing the growth –

Q2 2019the number of transactions  done on mobile wallets1.08 billion INRan 18.4% increase
Q2 2019the number of transactions done on UPI2.27 billion INRThe increase was a massive 263%.

However, Customer behavior shows that UPI and wallets, both easily accessible via mobile apps, are considered interchangeable as each offers their own set of advantages –

Mobile WalletUPI
Can be easily loaded with Cash or Credit Card Can be directly linked to a Bank Account
Less and limits the risk of Cyber Fraud

No need for KYC as directly linked to a govt account
Due to its long presence, customer get more offers and Cashback

Offers direct cashback to the bank account

Irrespective of the mode one chooses, the only thing that matters is the customer’s experience and is he satisfied with the services? Mobile wallet offer convenience, security and seamless customer experience.

If you are keen to assist your customers with digital wallet services, we are just a call away. You can read about our services here

2 Responses
  1. With India following the digital path, mobile wallets have gained tremendous popularity in the country. People are getting more inclined towards digital ways due to the convenience offered through these apps.