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A billboard promoting e-payments in Mumbai. Photo: Indranil Mukherjee/AFP via Getty Images

Americans continue to rely on their credit cards, while the rest of the world rapidly moves toward mobile payments.

The big picture: China is the clear leader, with nearly half of the population paying for goods with their phones. But the fastest growth in the adoption of e-payments is happening in India.

By the numbers: "Digital transactions in India increased by 55% last year, compared with 48% in China and 23% in Indonesia," per Quartz. And India pulled 86% of its currency out of circulation in 2016.

Why it matters: By 2022, mobile payments from companies like Alipay, WeChat Pay and others are projected to account for nearly 50% of global e-commerce sales, Axios' Dion Rabouin reports.

  • Retail titans like Amazon, Walmart and Alibaba are pouring billions in investment into India, betting that as it moves away from a cash-based economy, it'll be the world's leading market for commerce.

Go deeper: The U.S. is out of step with the rest of the world on mobile payments

Go deeper

Biden expresses support for Amazon workers' union vote in Alabama

Photo: Joe Raedle/Getty Images

President Biden expressed support for a union vote by Amazon warehouse workers in Alabama in a two-minute video posted on Twitter Sunday, though he did not name the tech giant specifically.

Why it matters: A vote by workers at the Bessemer, Ala., warehouse to join the Retail, Wholesale and Department Store Union would make the facility the first Amazon warehouse to unionize in the U.S., per NPR. The election will run through March 29.

Dion Rabouin, author of Markets
1 hour ago - Economy & Business

Miami mayor: Bitcoin's appeal is that governments can't manipulate it

Miami Mayor Francis Suarez is pushing to make bitcoin a part of his city's economic future, and in an interview with "Axios on HBO," he pushed back against the economic orthodoxy of people like Treasury Secretary Janet Yellen who say it's a bad idea.

Why it matters: Miami's inclusion of bitcoin as a way to pay city employees or as part of the city's emergency cash holdings, as Suarez has proposed, would add legitimacy to the cryptocurrency and further entrench it in the U.S. economic system.

Dion Rabouin, author of Markets
1 hour ago - Politics & Policy

Miami mayor acknowledges Big Tech plans could hurt the city's poor

Photo: "Axios on HBO"

Miami Mayor Francis Suarez's ambitions to attract Big Tech has generated a lot of headlines — but it will likely come with some negative impacts for current residents, for which the mayor admits there may not be solutions.

What he's saying: "Gentrification is real," Suarez told "Axios on HBO." But even with his efforts to promote affordable housing, he argues that "government has a limited amount of resources and a limited amount of ability to stop things that are market driven."