PhonePe, India’s leading fintech platform, recently announced the launch of PhonePe Pulse, India’s first interactive website with data, insights, and trends on digital payments in the country. This website analyzes the digital transaction habits of over 300 Mn Indians to show how India is paying, down to the district level! Pulse is India’s go-to destination for accurate and comprehensive data on digital payment trends. With over 45% market share, PhonePe’s data is representative of the country’s digital payment habits. It is relevant to a wide range of stakeholders including the Government, Policymakers, Media, Industry Analysts, Merchant partners, Universities & students – to get accurate & granular data. This will enable a better understanding of digital payments and key insights into new growth opportunities.
- Digital Payments is a pan India habit
Over 300 million Indians from 19,000 pin codes now use digital payments. 4 out of every 5 PhonePe monthly active users are from Tier-2 and 3 cities, and 2 out of every 3 users are from Tier-3 towns!
- Most Indians are exploring sending money online
Over 63% of first-time transactions on the PhonePe app are to transfer money, confirming that this category acts as the initial hook for customers to download a UPI app. PhonePe registered 182% growth in transactions for this category and 72% growth in customers between Q2 2020 and Q2 2021.
- Big things are happening in our small towns
The Tier 2 and 3 towns in India are making big leaps into digital Investments & Insurance categories! PhonePe’s insurance offering is largely purchased (more than 2/3rds) from customers in Tier 3 cities and beyond. Gold was purchased from over 99% pin codes and Mutual Fund investments from over 95% pin codes in the country.
- PhonePe goes on a road trip
A PhonePe user visited and paid at a whopping 75 Petrol Pumps in 13 States last year! This truly represents the scale of digital payments in India. PhonePe is life at several tens of thousands of fuel merchants across the country, with phenomenal year-on-year growth.
- Keys, Mask, Sanitizer & PhonePe
The pandemic has made many store merchants and customers choose digital payments over cash, and this has become our checklist before leaving the house! In fact, the top 5 cities leading in-store transactions will surprise you – Bengaluru, Nashik, Aurangabad, Visakhapatnam & the Rangareddy District.