India leads in mobile payments

India’s usage of mobile for commerce and payments is much higher than the global average, finds a study. Both consumers and merchants prefer making payments through mobile devices.

The study by PayPal and IPSOS found that 88 per cent consumer respondents in India use mobile devices for purchases or payments online, way above than the global average of 71 per cent.

The survey was conducted across 11 countries, including the UK, France, Germany, Italy, Spain, Australia, India, Japan, the USA, Mexico and Brazil.

Almost 70 per cent of Indian consumers prefer mobile-optimised experiences against the global average of 43 per cent. Also, 81 per cent of Indian merchants are optimized to accept mobile payments to meet the growing demand and responding to consumer preferences against the global average of 63 per cent. Moreover, 45 per cent of Indian businesses have listed down mobile optimization as a priority.

Apps are a popular way of transacting wherein 98 per cent of Indian mobile shoppers pay via apps against 90 per cent of the global average. Bill payments and fashion are the key sectors where app purchases take place. According to the report, 47 per cent millennial mobile shoppers have made spontaneous purchases on their mobiles.

However, slow page loading and security or trust issues were the top barriers for consumers to make mobile payments.

“Mobile penetration gives an impetus to the adoption of digital payments,” Anupam Pahuja, MD, PayPal India, said.