1. M-Wallet transactions are observed to grow at a massive growth rate as it saves time by not adding Card number, CVV, etc.
Click to know: Landscape of M-wallets in India
- Compared to other payment modes in India, M-wallet service providers have emerged as the most significant contributor in promoting electronic payments in the country owing to the increasing usage of internet and smartphone users in the country.
- In terms of transaction volume, the semi-loop wallet type established itself as market leader in India m-wallet market and was followed by closed loop wallets in FY’2021.
- Some of the major companies having semi-closed wallets include Paytm, Mobikwik, Oxigen wallet and others whereas, closed wallet type companies include SBI E-Buddy, HDFC PayZapp and telecom operators such as Airtel Money, Jio Money, Vodafone M-Pesa and others.
- Social gifting is on the verge of becoming a popular trend among young tech-savvy customer base which could drive money transfer through mobile wallets, especially on festive occasions in near future.
- Over the forecast period, mobile-wallet transaction volume is further expected to increase to 10,500 Mn by the fiscal year ending 2026 and on the other hand, India m-wallet transaction size is further anticipated to increase to INR 5300 Bn in terms of transaction value by the fiscal year ending 2026.
2. UPI systems provide incentives and rebates on practically all sorts of transactions to stimulate your interest and increase your savings
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Some major benefits of using UPI are: –
- Instant Transactions
- Promotes a Cashless Economy
- Rewards and Cashback
- Privacy Protection
- Transactions Through Multiple Accounts
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UPI is digital payment system that allows multiple bank accounts into a single mobile application, thereby merging several banking features and merchant payments. In India, along with account holders, banks and financial institutions also make use of NPCI’s UPI platform to offer direct digital payments from accounts without sharing account details by creating a unique UPI ID or VPA (Virtual Payment Address). UPI has seen a humongous surge in recent years, owing to the sudden increase in adoption of QR based UPI transactions in retail spaces. In terms of transaction volume, UPI transactions were witnessed to increase from 18 Mn in 2017 to 4.6 Bn in 2022 whereas, in terms of transaction value, UPI transaction size went from INR 69 Bn in 2017 to INR 84,000 Bn in 2022.