Mumbai: India’s leading financial services company Paytm has once again emerged as the undisputed leader of digital payments in the country. According to a report by the global research and strategy firm Zinnov, Paytm has 39 million daily active users (DAU) which is more than the combined DAU of Google Pay and PhonePe.
The report is based on the research & findings for the period Q4 2019 – Q1 2020; and puts Google Pay’s DAU at 19 million and PhonePe at 17 million. Interestingly, Google Pay, which is spending heavily on cashbacks for customer acquisition, is ranked distant second despite its global origins.
Industry insiders highlight that Paytm has extended its lead over others as even during the lockdown it continued to innovate and launch a slew of products & services that made essential payments easy & convenient for its users. The app witnessed a surge in new users and merchant partners during the lockdown period.
Digital Payments market in India is estimated to double to $135.2 billion in 2023 from $64.8 billion this year with Indian share in worldwide digital payments set to increase from 1.56% to 2.02% in the next four years.