From ‘tankhwa’ and ‘kiraya’, for ‘shagun’ and ‘jugaad’, digital payment is a pan-India habit
More than 300 mn Indian smartphone users now 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
- 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!