Indians embrace digital: Over 300 mn smartphone users use digital payments
The Pulse Report, released last week by PhonePe, a leading Indian fintech platform
with over 300 million registered users, is a study on the evolution of digital
payments in India over the past five years. The following
insights about how digital payment adoption across India has evolved since
2016, are taken from the report.
GROWING ACCEPTANCE
- Average transaction value since launch
of insurance, investments and gold purchases on the platform has shot up
100-400%
- The average mutual fund investment
size in Patiala is Rs 30,000, twice that of Mumbai
INDIA’S PAYMENT HABITS
- More than 300 mn Indian smartphone
users now use digital payments
- PhonePe has
seen digital transactions from across
19,098 pin codes
- 133 million monthly active users
- 80% of transactions come from tier 2,
tier 3 and tier 4 cities and beyond
- PhonePe users
paid across 75 petrol pumps in 13 states in a year
FUN FACTS
- The amount of money that travels
digitally in India is more than the GDP of 21 countries
- 13,456 digital payments at Victory Bazaar
in Kakinada from during lockdown, or 200 transactions a day!
- 14,142 payments at a dairy shop in
Delhi NCR during lockdown, or 211 transactions a day!
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