India is now the fastest-growing e-payment market in the world, according to a recent report by eMarketer.
The country tops the list for “proximity mobile payment” specifically, which includes, according to Tech in Asia, scanning, tapping, swiping or checking in with a mobile device at point of sale.
The number of mobile payment users in India, according to the report, surges percent 75.5 percent from 32mn in 2016 to 56.2mn in 2017.
This year, the number is expected to climb to 77.8mn which means about 30 percent of smartphone users in India.
Smartphone users themselves are a rapidly growing market, with eMarketer’s data citing a 16.5 percent increase in 2016 and a 24.4 percent increase in 2017, and a projected increase year-on-year of 38.8 percent by 2021.
In China, the mobile market payment has become “ubiquitous” according to Tech in Asia. In India, the growth rate comes from a much lower user base but eMarketer expects the country will mirror China’s growth, even years behind.
It is expected to “go the China way” in becoming a digital, mobile economy.
E-payments surged particularly after some denominations of currency were demonetised in a sudden move by the Indian government – PayTM announced a 700 percent user traffic increase and a 200 percent average spend increase when the move was announced.
