India now world’s fastest growing e-payment market, expected to mirror China
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 75.5% from 32mn in 2016 to 56.2mn in 2017.
This year, the number is expected to climb to 77.8mn which means about 30% of smartphone users in India.
Smartphone users themselves are a rapidly growing market, with eMarketer’s data citing a 16.5% increase in 2016 and a 24.4% increase in 2017, and a projected increase year-on-year of 38.8% 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% user traffic increase and a 200% average spend increase when the move was announced.