Nowadays, shopping consumption without cash is commonplace in China. Without cash or even wallet, almost 100% of payment, transfer and other transactions can be completed with only one mobile phone.
Mobile payment is not only changing China’s consumption habits, but also slowly penetrating and changing the consumption habits of other countries.
India is currently undergoing unprecedented digital transformation. Online shopping and mobile payments are quietly changing the habits of India’s biggest cities.
Wal-mart entered the Indian e-commerce industry with the acquisition of Indian e-commerce company Flipkart. Unfortunately, only a few months after the acquisition, wal-mart faced the adverse impact of the new Indian policy, and the stock price plunged by more than $5 billion.
In response, Flipkart has continued to offer discounts to consumers by increasing the number of sellers on its platform.
Flipkart’s mobile payment app PhonePe is also on walmart’s acquisition list
PhonePe is one of the best payment apps in India, handling nearly 8 million transactions a day and, importantly, being UPI certified, is loved and trusted by consumers.
The de-monetization of India has led more and more consumers to choose mobile payments rather than cash.
Indians now live in a different era and cash is not the first payment medium.
Although 95% of indians still pay in cash, 5% of indians are still a huge number, around 65m.
India’s mobile payment market will reach $1 trillion trillion by 2023, according to Credit Suisse, an investment banking firm.
The highest acceptance of mobile payments is among students in India. Almost all students hate carrying cash, they can use one of the apps to pay directly.
In addition, UPI certified applications such as PhonePe provide bank-to-bank transfers. Most students in India like this feature because they can get money from their sponsors as soon as they need it.
Otherwise, a normal NEFT takes about a day or two to arrive at the bank account.
Wal-mart India has introduced mobile phone payment in 23 of its stores in India, and PhonePe now has 8 million merchants, a number that is expected to grow.
It is just a drop in the bucket compared with walmart pay, the company’s own payment app.