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Mobile wallet market
The mobile wallet market in India is growing rapidly by displacing traditional payments such as cash and cards. Payments through mobile wallets are anticipated to grow at a compound annual growth rate of 23.9% between 2023 and 2027 and reach Rs 472.6 trillion ($5.7 trillion) in 2027.
The growth of the mobile wallet market in India is creating a number of opportunities for businesses. Businesses can use mobile wallets to accept payments from customers, offer discounts and promotions, and improve customer loyalty.
While cash has traditionally been the most popular method of payment among Indians, its use is gradually on decline. This is mainly due to India’s concerted efforts to promote digital transactions, most prominent being Unified Payments Interface (UPI). Mobile wallets have benefitted the most from this push and have become the preferred choice for payments in India.
UPI has now become one of the most preferred methods for day-to-day payments. Launched by the National Payments Corporation of India (NPCI), UPI allows customers to integrate bank account with mobile payment solution and enables instant transfers between bank accounts using mobile number or QR code, making transactions quicker.
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NPCI is the 'Policy Change Agent of the Year' | ET Awards 2018
The National Payments Corporation of India (NPCI) stepped up to help when the government's Digital India programme was faced with a key challenge: How to move consumers from cash to digital modes of payment? Until then, the not-for-profit organisation owned by banks was known only for the RuPay cards it issued to Jan Dhan account holders. The distant competitor to Visa and Mastercard has since emerged the driving force of the country’s digital payments agenda.
By The Economic Times | 341 views
क्या हैं UPI के फायदे | Benefits of UPI | Unified Payment Interface | India Matters
क्या हैं UPI के फायदे |
What are the Benefits of UPI (Unified Payment Interface).
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PM Narendra Modi's Mann Ki Baat, February 2017
Text of PM Narendra Modi’s ‘Mann ki Baat’ programme on All India Radio on 26 February 2017 - http://nm-4.com/7qv0
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TWSB- Peter Thiel goes crypto, CCI trouble for Uber-Softbank deal and more | ET Rise
Paypal founder Peter Thiel is bullish on Bitcoins, Uber-Softbank deal may run foul of Competition Act of India, Union Budget 2018-19 may bring relief for startup community, all this and much more in This week's Startup Buzz (#TWSB).
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Elvish Yadav Vs Munawar Faruqui, Cricket Match Once Again
Elvish Yadav Vs Munawar Faruqui, Cricket Match Once Again
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Elvish Yadav Vs Munawar Faruqui, Cricket Match Once AgainBy Bollywood Spy | 240 views