CARDS & PAYMENTS | Staff Reporter, India

Indian banking apps are losing to mobile wallets big time

Nearly 9 in 10 consumers have a mobile wallet to pay for utilities, transport, and movies.

Bloomberg reports that Indian banking apps are steadily losing patronage of consumers across most consumer categories as 30% of tickets in the movie-crazed nation are purchased via mobile wallets in addition to being the preferred payment method for utilities and taxi rides.

The top challenger is homegrown Paytm that runs on financing fuel from Alibaba Group and Softbank and is preferred by an overwhelming percentage of Indian consumers but Google Tez giving it a run for its money as it gains traction. 

The only major payments categories that banks in the country still dominate are shopping malls and air tickets but even mobile is steadily chipping away at that as nearly nine in ten (89%) of repsondents have reported using at least one mobile wallet. 

Here’s more from Bloomberg.

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