The United States has long been the top player in mobile-led commerce, but it’s now overtaking the US as the dominant mobile banking nation.

According to research firm IDC, the US has more than 6 billion mobile phones in circulation, with over half of them in the hands of users ages 18 to 34.

That figure is up from a year ago, when the US accounted for just under 5 billion mobile-phone users.

In contrast, India is the second most mobile-savvy nation in the world with more than 2.5 billion mobile devices in circulation.

The country has been leading in mobile commerce for years.

IDC estimates that over a quarter of all Indian mobile users are between the ages of 18 and 34, with more likely to be older than 45.

In India, the mobile-based banking market is dominated by three main players: Reliance Jio, Axis Bank and Axis Financial Services.

In terms of total mobile banking customers, the top three are India’s biggest players: Jio has over 40 million accounts, while Axis has close to 5 million.