India's mobile payment landscape needs effective protection [Yahoo! Finance]
ICICI Bank Limited (IBN)
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Source: Yahoo! Finance
For context, the US had 15 billion transactions in the same year worth a total of $938bn. The South Asian country is second only to China in terms of mobile payment numbers. The Indian government has strongly supported the growth of digital payments, as part of its aim to become “faceless, paperless, and cashless” through the Digital India initiative. In 2016, it set up the Unified Payments Interface (UPI), developed by the National Payments Corporation of India (NPCI) to allow users to seamlessly transfer money between bank accounts. In 2024, the system is also gaining traction abroad in markets such as France, Saudi Arabia, and Singapore, allowing Indians abroad to continue with this payment method. Convenience of mobile payments Another big driver of mobile payments is convenience. GlobalData research found that 91% of Indian consumers had a mobile wallet in 2023. India also accounted for over 40% of all global real-time digital payments in 2023, according to Indian governme
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- ICICI Bank enables NRI customers to use international mobile number to make UPI payments in India [Yahoo! Finance]Yahoo! Finance
- Indian shares log third straight month of gains on strong quarterly results [Reuters]Reuters
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- 5/6/24 - Form 6-K
- IBN's page on the SEC website