New Delhi [India], India has emerged as the global leader in mobile wallet payments with 90.8 per cent of India's population using mobile wallets for transactions in April 2024, according to the GlobalData 2023 Financial Services Consumption Survey. UPI) showed strong performance, with daily output at Rs 19.64 lakh crore. Continuing this trend, the first half of May 2024 has already seen significant transaction volumes, reaching Rs 10.70 lakh crore as of May 15. This achievement underlines India's rapid progress in digital payments. Solutions, ahead of other countries in mobile wallet adoption The report shows that the trend of increasing mobile wallet usage is also evident in the Asia-Pacific (APAC) region, as the COVID-19 pandemic has accelerated the shift from cash to electronic payments. Has accelerated the change towards.Has played an important role in accelerating the change. Ravi Sharma, lead banking and payments analyst at GlobalData, says mobile wallet adoption is getting a further boost, with the disruptive potential of mobile wallets impacting even smaller countries like Hong Kong's consumer payments sector, and predicts a gradual phaseout of cash transactions. Displacement. Sharma said, “The use of mobile wallets is set to disrupt the consumer payments sector in Hong Kong and gradually displace cash. Availability of widespread QR code infrastructure, mobile-based instant payment systems, growing consumer and merchant preferences all contribute to the use of mobile wallets. A high percentage of adults have bank accounts and family mobile wallets like Apple Pay, Google Pay, etc. provide a solid foundation for adoption.And the presence of international mobile wallet brands provides consumers with a variety of choices. The growing acceptance of mobile payments by merchants further encourages its use, according to GlobalData's 2023 Financial Services Consumer Survey conducted in the second quarter of 2023 in 18 out of 40 countries. Around 50,000 respondents across the + age group were surveyed.