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.
Today's Headline in NewsHours
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3:00 #IT Minister says WhatsApp cooperated in blocking numbers flagged by govt. using AI
3:30 #SBI Funds Management gets green signal from RBI to buy 9.99% stake in HDFC Bank
4:02 #Apple previewing software features that can let iPhone speak in voice of mute users
4:30 #Chennai Metro Rail launches WhatsApp e-tickets
4:58 Infosys wins $1.5 bn deal from BP for end-to-end application services
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Today's Headline in NewsHours
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3:07 Online gaming firms sent tax notices worth INR 1 lakh cr
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4:05 #Microsoft pulling the plug on its metaverse project
4:33 #HMD Global to manufacture own brand of smartphones in India in 2024
5:00 #TechMahindra’s CEO designate Mohit Joshi announces restructuring
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Launch of Gujarat Election Campaign in Ahmedabad
Launch of Gujarat Election Campaign in Ahmedabad.
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