More Indians visit Paytm than Google Pay and PhonePe put together: Report

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June 25, 2020 2:28 PM

Paytm is on the lead over others as even during the lockdown they continued to innovate and launch various relative products and services that made essential payments easy and convenient for users. Paytm witnessed a surge in new users and merchant partners during the lockdown period.

Paytm Mall on Monday said the company was moving its operations from Noida to Bengaluru and had plans to hire over 300 members for product and technology roles.The daily active users of Google Pay are 19 million and PhonePe’s at 17 million, and Paytm with 39 million DAU

According to a report by Zinnov, a global research and strategy firm, Paytm has 39 million daily active users (DAU) which is more than the combined daily active users of Google Pay and PhonePe. The financial services company Paytm has emerged as the leader of digital payments in the country.

The report is based on the research and findings for the period Q4 2019 – Q1 2020. The daily active users of Google Pay are 19 million and PhonePe’s at 17 million. Interestingly, Google Pay is one such platform that has been spending heavily on cashback for customer acquisition.

Industry experts say that Paytm is on the lead over others as even during the lockdown they continued to innovate and launch various relative products and services that made essential payments easy and convenient for users. Paytm witnessed a surge in new users and merchant partners during the lockdown period.

The Digital payment market in India is estimated to double from $64.8 billion in 2020 to $135.2 billion in 2023. Additionally, the Indian share in worldwide digital payments is also set to increase from 1.56 per cent to 2.02 per cent in the next four years.

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