Indians Embrace Digital: Over 300 MN SmartPhone Users Use Digital Payments

Latest Update- 31/12/2022

PhonePe, a major Indian fintech platform with more than 300 million registered users, issued The Pulse Report, a study on the evolution of digital payments in India during the last five years.

The survey yielded the following data about the evolution of digital payment use in India since 2016.
Since the platform's launch, the average transaction value for purchases of insurance, investments, and gold has increased by 100–400%. Patiala has a mutual fund investment size average of Rs 30,000, which is double Mumbai's average. More than 300 million Indians already use smartphones for digital payments. 19,098 different pin codes have made digital purchases with PhonePe. 133 million active users each month tier 2, tier 3, tier 4, and above cities account for 80% of all transactions. In a year, customers of PhonePe made payments at 75 gas stations in 13 states. The GDP of 21 countries is surpassed by the amount of money that is transferred digitally in India. 200 transactions a day, or 13,456 digital payments, were made in Kakinada's Victory Bazaar when the city was under lockdown.

Last Updated- 07/9/2021

The Pulse Report is a study that examines how digital payments have progressed in India over the previous five years. With the introduction of PhonePe's insurance, investments, and gold transactions, the average transaction value has increased by 100-400 percent.

In Patiala, a Mutual Fund Investment costs Rs 30,000, which is double the price in Mumbai. More than 300 million Indian smartphone users already utilize digital payments. PhonePe has logged digital transactions from 19,098 distinct pin codes in India. The majority of transactions come from tier two, tier three, tier four, and other upper-tier cities. With the increasing use of digital platforms, online money transfers in India have also increased.