"Mobile wallets thrive in India, where the substitution of cash for digital payments is moving apace, in contrast to their challenges in western countries."
This report analyses real-world smartphone usage data to answer urgent questions about the status of mobile financial, payments, banking, and money management services in India. The report looks at consumer engagement with various mobile financial services (MFS), payments and banking services, reports on determinants of success for MFS apps, and outlines the state of relevant operator initiatives.
This report and associated data annex provide:
- insights into real-world usage of mobile financial, banking, and money management services including penetration, time spent on apps and frequency of engagement in India
- a discussion of how the usage of mobile financial services apps varies across age, gender, time of day, and network type in India
- demographic analysis of mobile payments and banking services usage and behaviour on smartphones
- usage and engagement data for operators' own mobile payments apps.
Survey data coverage:
The analysis is based on data provided by Verto Analytics, collected through a passive on-device monitoring app 'Smart Panel'. The app runs in the background of the device. It registers actions undertaken by the user and relevant activity on the device, namely:
- app download and usage
- system processes
- data traffic by each app/process
- voice traffic
- web browser activity.
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