Mobile Payments On The Rise In India

Mobile payments are on the increase in India, and look set to displace more traditional payment methods in the near future. Data released by the financial services provider, FIS, found that 40% of respondents paid for online shopping with a credit card, whilst 37% used mobile payments. Similar figures were found for travel and utility bill payments. However, 36% of payments for movies and entertainment were made through mobile, much more than the 30% that used traditional payment methods. The study also found that younger consumers were much more likely to use mobile banking, with 84% of those questioned between the ages of 18 and 36 doing so. An increase in the number of smartphone users in the country is largely responsible for the changes in its mobile landscape. By 2021, it is thought that the number of smartphone users will grow from 267.1 million this year to 409.8 million.