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India is the fastest-growing proximity mobile payment market, says eMarketer

India is the fastest-growing proximity mobile payment market in the world, says eMarketer
India as the fastest-growing proximity mobile payment market in the world. according to eMarketer's latest report.

It claims nearly 30% of smartphone users in India will use their phones to pay for goods or services at the point-of-sale (POS) at least once per month in 2018.

The digital payments industry in India increased after demonetization in India and was further empowered by government's Digital India initiative. Digital payment company Paytm is leading the way when it comes to digital payments in India. It recently made push for QR code as primary mode for digital payments in India

Rahul Chadha, eMarketer’s Asia-Pacific analyst said: “Paytm’s wholehearted embrace of QR codes, along with government regulations designed to make the codes easier for consumers and merchants to use, are two factors that have the potential to dramatically hasten proximity mobile payment adoption in India.

“In that sense, India might follow in the path already blazed by China, where the now seemingly ubiquitous barcodes became a highly cost-effective driver of the adoption of proximity payments completed on mobile devices.”

Emarketer defines a proximity mobile payment as a POS transaction made by using a mobile device as a payment method; this includes scanning, tapping, swiping or checking in with a mobile device at the POS to complete a transaction.

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